Currency Update: The #AUD managed to rise to a high of almost 0.9300 overnight and looks pretty solid in this morning’s trade. It’s going to be a huge day for interest rate markets and potentially the AUD with the CPI due today. The key will be the average underlying CPI measure which we believe will be in the middle of the #RBA’s target range, at 2½%. If the CPI prints of the lower end, the currency’s initial reaction might be to fall but our banks believe the market is still short and a pull-back might see a move to lengthen-up positions. The outcome of this release could determine whether the RBA cuts rates at the August meeting and potentially, whether there are any more rate cuts at all. Today’s Forecast Range: #USD 0.9240 – 0.9320.
Posted on: Tue, 23 Jul 2013 23:37:08 +0000
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