Bitcoin seems to reverse up from the local dips. Are there enough reasons to buy it now?
Will the RBA Rate Statement push the AUD?
RBA Rate Statement is on Tuesday at 07:30 MT time.
Instruments to trade: AUD/USD, AUD/NZD, AUD/CHF, EUR/AUD
In March, the interest rate of Australia was reduced to 0.25%. Since then, it was kept steady. The Reserve Bank of Australia informed at that time that there would be no intention to increase the rate until there is full employment, a 2-3% inflation rate, and other indications that the economy is recovering. Since then, although the economy is indeed recovering, the indicators are too far away from warranting the rate change. Hence, we will look at the tone of the RBA press conference to gather details of the outlook for the AUD. If these are positive enough, it may lead to another upswing with AUD/USD.
- If the bank’s tone is hawkish, the AUD will gain value.
- If the bank’s tone is dovish, the AUD will fall.
The US inflation will come out today at 15:30 GMT+3. Traders can’t wait to see the numbers as they will impact all the pairs with the USD!
The greatest sale of Bitcoin continues! It has approached the psychological mark of $30,000. The traders’ focus remains on Thursday’s report on US inflation.
The United States will release retail sales and producer inflation (PPI index) numbers at 15:30 MT time on June 15.
Gold has plunged amid the stronger US dollar as investors await the Fed’s meeting this week.
All eyes are turning to the Federal Reserve and the US dollar. How to trade XAU/USD, EUR/USD, and GBP/USD?