Hong Kong stock index extended a decline sparked by China’s tech crackdown. Tesla posted better-than-expected results. Jump in!
Will the RBA support the AUD?
The RBA’s interest rate is announced on Tuesday at 05:30 MT time.
Instruments to trade: AUD/USD, AUD/NZD, AUD/CAD, AUD/JPY
Since March 2020, the interest rate in Australia has been held steady at 0.1%. The RBA was committed to making the financial environment as favorable as possible. It was trying to make sure that all the lending facilities and credit functioning see no impediment across the country amid the virus struggle and reappearing restrictions. The Board’s plan is to keep the rate at 0.1% until the inflation reaches 2-3%. The latter would indicate that the Australian economy is warmed enough to raise the rates. Therefore, on Tuesday, we are going to see what the economic outlook in the country looks like and whether the recovery is going at an acceptable pace.
- If the RBA’s tone is hawkish, the AUD will rise.
- If the RBA’s tone is dovish, the AUD will fall.
The overall market sentiment is risk-on. The S&P 500 index (US 500) is getting close to the all-time high. Oil is recovering quickly from its recent losses.
PMI reports from the EU, the UK, and the USA will be released during the day!
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