Analysis: RBA Minutes and US Dollar Outlook
Australian Dollar Pressure
- The RBA highlights the need for restrictive monetary policy to control inflation.
- The board leaves the door open for future policy adjustments, indicating uncertainty.
- AUD remains under pressure despite recent hawkish remarks from RBA officials.
US Dollar Strength
- The incoming Trump administration’s focus on tax cuts and tariffs may boost the USD.
- Fed officials hint at a slowdown in rate cuts due to a resilient economy and inflationary pressures.
- Positive economic indicators in the US support a stronger dollar, with retail sales and manufacturing data exceeding expectations.
Australian Dollar Technical Analysis
The AUD/USD pair is testing key levels amidst bearish momentum:
- Immediate support at 0.6400, with a break potentially leading to a yearly low.
- Resistance at 0.6500, with further upside targets at 0.6517 and 0.6541.
AUD/USD Daily Chart
Australian Dollar Price Today
The Australian Dollar weakened against major currencies today:
| USD | EUR | GBP | JPY | CAD | AUD | NZD | CHF | |
|---|---|---|---|---|---|---|---|---|
| USD | 0.07% | 0.07% | 0.05% | 0.42% | 0.01% | -0.12% | 0.10% |
Economic Indicator: RBA Meeting Minutes
The RBA’s minutes provide insights into policy discussions and inflation outlook:
- If the RBA is hawkish, markets anticipate a rate increase, which is positive for the AUD.
- Read more on RBA Meeting Minutes.