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Aug 04 - 11:55 PM

AUD/USD - Muted Response To The Realistic RBA's SOMP

By Andrew M Spencer  —  Aug 04 - 10:05 PM

  • AUD remains flat on the day despite a sombre outlook in the RBA's SOMP

  • Further RBA rate hikes are required, which will slow economic growth

  • Peak inflation expected at 7.75%, but long term 2-3% expectations remain

  • 2022 growth forecasts cut from 4.25% to 3.25%, 2023/4 at 1.75% nS9N2Y1011

  • Inflation fight a global issue, Australia in better shape than many places

  • Charts; 10 and 21 day moving averages head higher with 21 day Bolli bands

  • Net topside bias while 0.6895 21 day moving average holds

  • Targets a test of 0.7056, 38.2% of the entire 2022 April July fall

    For more click on FXBUZ


Source:
Refinitiv IFR Research/Market Commentary

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