The RBA meets today to determine interest rates and monetary policy. The pause in rate rises may well be short-lived, as inflationary pressures force the Central Banks to act. The RBA is caught between ‘a rock and a hard place’ with extreme political pressure, to leave rates unchanged, while inflation forces action. The reluctance to act may result in mixed messages, in the narrative, but the action will make the banks position clear. The AUD will trade around 0.6650, prior to the decision later today.
Current Level: 0.6645
Resistance: 0.6690
Support: 0.6580
Last Weeks Range: 0.6600-0.6640