It was a quiet Monday morning trade for Aussie which is stable above 0.7650 handle. MI Inflation Report showed 0.4% increase, and there were no any other major data releases. Traders are also being cautious ahead of RBA interest rate decision. The RBA will release its next interest rate decision at 0300 GMT on Tuesday.
Traders expect the central bank to hold rates at 1.50%. This will also be the first meeting for new Governor Lowe. While rates are expected to remain stable, Lowe and his friends might express discomfort with the Australian Dollar’s strength. If he does then gains may be limited. If he doesn’t say anything then this may green light another rally.
Aussie is currently being traded around 0.7670 area. Pair is likely to find support around 0.7630 level and resistance above 0.77 handle.
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