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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.
Last week was very interesting for the markets, as we saw the releases of the US Inflation and Disney’s earnings report. So let's see what we should await this week!
The US will reveal Non-farm payrolls on January 7, Friday, at 15:30 GMT+2 (MetaTrader time).
The US Institute for Supply Management will release ISM manufacturing PMI on July 1, 17:00 GMT+3.
The United States Bureau of Economic Analysis will release monthly Personal Consumption Expenditures (PCE) on June 30, 15:30 GMT+3.
The governor of the Bank of England, Andrew Bailey, will hold a speech on June 29 at 15:30 MT time (GMT+3).