AUD/USD Trades Higher After RBA Minutes

4:03 AM // 0 comments // Nak Pya Yam // Category: Australian Dollar

The Reserve Bank of Australia released today minutes of its policy meeting on July 5 that indicated a robust economic growth in Australia and, thus, decreased probability if interest rates cuts. The Australian currency reacted positively to the minutes.


The minutes also spoke about problems of the global growth, as well as some domestic issues, but conclusion was favorable:

Notwithstanding this, members considered that the continuing strong economic performance of Asian economies meant that the medium-term outlook for the Australian economy remained strong. The prices of Australia’s main commodity exports were at elevated levels, and very strong growth in investment, led by the resources sector, was still expected over the next couple of years.

The inflation report on the next week is expected to have a strong influence on the decision of the policy makers on the next meeting.

AUD/USD climbed from 1.0606 to 1.0667 as of 8:17 GMT today.

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