Here are a short wrap of the latest news and the tech analysis of EUR/USD, AUD/USD, and gold.
Will the AUD have a reason to rise?
RBA will share its Monetary Policy Meeting Minutes on Tuesday at 04:30 MT time.
Instruments to trade: AUD/USD, AUD/NZD, AUD/CHF, EUR/AUD
On May 5, the Reserve Bank of Australia announced it would hold the interest rate steady at 0.25%. It also said that there would be no intention to increase it unless and until the economy moves towards full employment. Noting the fragile state of the labor market, that target will stay far away in the nearest future. However, we will want to know the exact details about the estimated damage that the Australian economy is expected to suffer in the Q2 as that will largely define how the recovery will go. Therefore, we will look for those details in the Monetary Policy Meeting Minutes to grasp the overall tone of what’s coming to Australia in the nearest months.
- If the Meeting Minutes give brighter details in the economic outlook, the AUD will rise.
- If the Meeting Minutes share a harsh economic outlook, the AUD will fall.
The Australian economy has been on a steady recovery path, and now we have a very symbolic confirmation that S&P ASX 200 is about to cross 7000!
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The Reserve Bank of New Zealand will hold a meeting on Wednesday, April 14, at 05:00 MT.