At its meeting earlier today, the RBA left the cash rate unchanged at 2.0%. Even though they left the door open for further easing of the policy, broadly neutral rate statement seems tilted to the hawkish side of the spectre with the bank judging "that the prospects for an improvement in economic conditions had firmed a little over recent months".

In reaction to the (leaked?) release there were several whipsaws before traders took the pair through 0.72, to 0.7220. It pulled back from there but it's staying above 50 DMA (currently ~0.7130) which I see as a bullish/bearish line in the sand.

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