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Trading news
16 Apr 2013
Forex Flash: Little change at the RBA - BBH
FXstreet.com (Barcelona) - Brown brothers Harriman analysts note that the minutes from the Reserve Bank of Australia's meeting were released and the tone and substance seemed little changed.
They see that there is scope for additional easing if necessary, but no urgency to do so. Further, the Aussie's gains today are not so much a reaction to the minutes, but to general corrective forces that have lifted the dollar bloc. They write, “Last Thursday, the Australian dollar was approaching $1.06 and yesterday had dipped below $1.03. The first retracement level comes in near $1.04. The Canadian dollar's drop was not as dramatic and the first retracement objective for the US dollar comes in near CAD1.0190.”
They see that there is scope for additional easing if necessary, but no urgency to do so. Further, the Aussie's gains today are not so much a reaction to the minutes, but to general corrective forces that have lifted the dollar bloc. They write, “Last Thursday, the Australian dollar was approaching $1.06 and yesterday had dipped below $1.03. The first retracement level comes in near $1.04. The Canadian dollar's drop was not as dramatic and the first retracement objective for the US dollar comes in near CAD1.0190.”