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How Australia’s central bank will impact AUD?
What will happen?
The Reserve Bank of Australia will announce its policy decision on May 4 at 7:30 MT (GMT+3). It’s one of the most important drivers of the Australian dollar. Last time, the central bank left everything unchanged and claimed that it would not increase interest rates until at least 2024 when Australia reaches its target employment and inflation of 2-3%. Thus, analysts widely expect no changes this time as well, all attention will be to projections.
How to trade on RBA statement?
Follow the RBA’s meeting and/or monitor news during and after it.
- If the RBA hints to raise rates or cuts bond-buying, the AUD will strengthen;
- If the RBA leaves everything unchanged and gives negative projections, the AUD may drop.
Instruments to trade: AUD/USD, AUD/NZD, AUD/JPY
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Microsoft and Google have published strong earnings data. The main focus of traders is on the Fed meeting today.
Elon Musk, Tesla’s founder and CEO, said the company wouldn’t accept Bitcoin as payment any longer. As a result, BTC/USD dropped to $45,300, the low unseen since March.
The USA will post Retail Sales and Core Retail Sales on May 14, at 15:30 MT time.
The main focus of traders will be on US inflation at 15:30 GMT+3. Analysts expect the huge spike of the US inflation.