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The Australian dollar has started the week with a slight short-term weakness, as AUD/USD posted a decline of around 0.5% in the first session. However, this move does not change the broader picture, as the pair remains in a predominantly bullish trend, with market focus now centered on today’s Reserve Bank of Australia decision, which could be key in shaping AUD strength in the near term.
The RBA’s February 1st board meeting minutes were released this morning. As expected, they offered little in the way of new information following recent RBA communique, including Governor Lowe’s National Press Club address and last Friday’s Statement of Monetary Policy.
As widely forecast, the RBA elected to keep interest rates on hold this afternoon at 0.1% and ended its $350 billion quantitative easing (QE) bond-buying program.
The equities reporting season takes place twice a year in Australia. As a guide, most companies report half-year earnings in February for the six months of the new financial year (July 1 to December 31) before full-year earnings are reported in August.
This time last year, ahead of the 2020 Melbourne Cup, speculation centered on what measures the RBA would take to bolster the economic recovery.
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