The RBA Rate Statement comes on June 1, at 07:30 GMT+3.
Australian dollar inches down after RBA minutes
On Tuesday, the Australian dollar headed south in Asia after the publication of the minutes of the RBA’s April meeting.
Eventually, the currency pair AUD/USD hit 0.7148, slipping by approximately 0.3%.
Australia’s key financial institution actually expects inflation to stay muted for some time, although suggested that it’s still open to rates cut on the condition inflation remains low, while the jobless rate jumps.
Additionally, the RBA also stressed that the deceleration in GDP surge contradicts the improvement in the Australian labour market.
Aside from that, the USD index stood still, keeping to 96.570.
The evergreen buck was pressured earlier this week because American leader came up with his hard criticism of the major US bank once again over the weekend. The blamed the key US financial institution for decelerating growth and also diving stocks by its tightening monetary policy.
While not a key directional catalyst, the Empire State manufacturing index went up by 6.4% in April to an outcome of 10.10, as the New York Federal Reserve told on Monday. It beat forecasts for an outcome of 6.70.
As Charles Evans, Chicago Federal Reserve President told, he expected the Federal Reserve to remain on pause until the autumn of 2020.
Meanwhile, the core personal consumption expenditures price index, the Fed's preferred inflation gauge hit 1.8%.
As a matter of fact, the currency pair EUR/USD went down by 0.1% reaching 1.1302 because investors wait for further news on Brexit.
Furthermore, the currency pair USD/CNY managed to tack on by up to 0.04% ending up with a reading of 6.7061.
The currency pair USD/JPY declined by 0.1% being worth 111.92.
The Australian Monetary Policy Meeting Minutes are announced on Tuesday at 04:30 MT time.
April seasonal patterns weren’t supposed to work, but somehow they did. Even a strong fundamental issue such as the global recession amid the coronavirus couldn’t overwhelm it. That’s why May seasonal patterns may work as well.
Wednesday will please traders as many economic indicators will be out! The USA, UK, and Euro Area will release PMI reports on June 23 from 10:15 to 16:45 MT.
The Bank of England will release its statement and announce its monetary policy decision at 14:00 MT.
Last week the USD soared versus other major currencies, while gold headed for the biggest weekly loss in 15 months. Let’s see what new moves await us this week!