The Australian Dollar has strengthened today in advance of the RBA meeting minutes. The central bank cut the benchmark interest rate down to the minimal level of 2,5% during the latest meeting on August 6th .
Still, right after the meeting the RBA Governor told the reporters that the banks’ monetary policy could be changed at any moment if the circumstances required it. During the previous statements, the Governor said that he had a plenty of room for maneuvers in terms of cutting interest rates.
Experts expect the minutes to have a neutral tone amid the forthcoming elections scheduled for September 7th. Deutsche Bank experts assume that Australia’s economic prospects a bright since the situation in the domestic labor market has improved a lot.
Forex
The chart below, courtesy of Masterforex-V Academy, reflects the current state of affairs in the market of AUDUSD. The currency pair is currently retracing from the recent upswing. This is a recovery against a bigger-scale downtrend. The key level of support is 0.9056. A break above the 0.9231 high will resume the recent upswing. If this is the case, the key level of resistance will be 0.9294.
