When is the RBA Interest Rate Decision and how could it affect AUD/USD? – by anilpanchal7 RBA AUDUSD Events InterestRate CentralBanks
te teasing doves of late, during the scheduled Interest Rate Decision of around 03:30 AM GMT on Tuesday.
Given the recently mixed statements in the RBA minutes and a contrasting play between inflation and growth numbers, the AUD/USD traders will be more interested in hearing about the end of the rate hike trajectory, making this event crucial.Westpac anticipates that the RBA will lift the cash rate by 25bps, to 3.35%. Markets are fully priced for 25bp. The RBA, in responding to a significant inflation challenge and the tightest labor market in 50 years, has quickly raised interest rates.
That said, the RBA is up for 0.25% rate hike but can surprise the bulls with a 0.50% rate lift, considering the inflation woes. The same teases the AUD/USD bulls ahead of the event. That said, the headline Consumer marked stellar numbers on a quarterly and monthly basis but the Aussie economic growth appears to lag the 3.0% RBA forecasts for 2022.
Technically, a convergence of the 50-DMA and 61.8% Fibonacci retracement level of the June-October 2022 downturn, around 0.6860 by the press time, defends the AUD/USD bulls. However, bearish MACD signals and a sustained closing below the three-month-old previous support line, close to 0.6930 by the press time, keep the Aussie bears hopeful.AUD/USD grinds above 0.
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