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Daily Report: Aussie Rebounds on Hawkish RBA, Dollar Firm ahead of NFP Australian dollar pared much of this week's commodities triggered loss and rebounded after an hawkish RBA quarterly monetary policy statement. The bank left growth forecast unchanged at 4.25% in 2011. But CPI projection was raised to 3.25%, up from February's projection of 3.00%. Core inflation estimate was also raised from 2.75% to 3.00%. The bank noted that "further tightening of monetary policy is likely to be required at some point" to keep inflation in target range of 2-3%. Markets are pricing in that RBA will hike by 35 bps over the next 12 months, up from 29 bps yesterday. There might be additional support to the Aussie as oversold commodities recover ahead of week. AUD/USD looks set to stabilize above 1.05 for the moment and would likely consolidation between 1.05/1.10 for a while. Full Report Here...
Featured Technical Report
AUD/USD Daily Outlook Daily Pivots: (S1) 1.0482; (P) 1.0627; (R1) 1.0717; More AUD/USD made a temporary low at 1.0536 and recovers. Intraday bias is turned neutral for the moment. Another fall might be seen as long as 1.0788 minor resistance holds and below 1.0536 will target 50% retracement of 0.9704 to 1.1010 at 1.0357. Above 1.0788 minor resistance will turn bias back to the upside for a retest on 1.1010. But decisive break there is needed to confirm up trend resumption or consolidations would likely extend further with another fall. Read more...