The RBA hit the monetary ‘pause button’ and left rates unchanged. This surprised many pundits, but aped the Federal Reserve, in their recent monetary decision. This is a result of extreme political pressure, rather than any statistical relief on the inflation front. The Fed minutes indicated that rates would continue to rise in the USA and the latest labour markets reports, from the US, only add to the likelihood. The AUD has plunged, from above 0.6700, back to 0.6600, with downside pressure prevalent.
Current Level: 0.5200 (1.9230)
Resistance: 0.5290 (1.8905)
Support: 0.5175 (1.9325)
Last Weeks Range: 0.5180-0.5260 (1.9305-1.9000)