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May 02 - 07:55 PM

AUD/USD - Opens Slightly Lower Before RBA Decision

By John Noonan  —  May 02 - 07:15 PM
  • AUD/USD little changed at 0.7052 as Wall Street rise offset by fall in commodities

  • RBA decision today a key event with most of Asia on holiday

  • Market expects RBA to hike 15 BPs to 0.25% and provide hawkish guidance

  • This outcome would likely result in a muted reaction in the AUD/USD

  • Market pricing in extremely aggressive RBA hikes through year-end

  • RBA may push back on market pricing while conceding some hikes needed

  • If RHA stays on hold (less likely) AUD/USD will spike lower

  • If they hike 40 BPs (most unlikely) - AUD/USD will spike higher

  • AUD/USD support at yesterday's 0.7030 low and 2022 low at 0.6967

  • It is trending lower while 10-day MA at 0.7175 caps rallies

  • For more click on FXBUZ










aud/usd Click here

Source:
Refinitiv IFR Research/Market Commentary

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