Forex

Aussie rallies further after hawkish RBA step earlier today

The pair is buying and selling as much as its highest since June final 12 months, up practically 100 pips on the day to 0.7635 presently.

The technical momentum is solely with patrons proper now after the RBA supplied a very good platform to interrupt above the October highs round 0.7555 earlier at present. There is not a lot in the best way of a push in direction of 0.7800 subsequent, in case you go by the charts at the least.

As issues stand, the market is bringing ahead price hike expectations as most homes are actually calling for a June price hike after having beforehand penciled the RBA to maneuver in August.

Odds of a transfer through the Might assembly have additionally risen and that’s maintaining the aussie underpinned presently.

I’ve mentioned earlier than how the market could have been underestimating a possible shift in rhetoric by the RBA and we definitely acquired that at present, even when it could be a refined one. That has continued to gas the run greater in AUD/JPY, which is looking for a tenth straight week of beneficial properties:

AUDJPY W1 05-04

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