The aussie has jumped higher on the immediate aftermath but buyers might not want to get too carried away with gains here. From a technical perspective, AUD/USD is also running up against the confluence of its key hourly moving averages near 0.6550. So, there's that.
The statement language is broadly unchanged from May and the RBA specifically points out that it wants to wait for "more information". And that likely alludes to the next quarterly CPI report on 30 July.
Coming into the meeting, markets were pricing in ~74 bps of rate cuts by year-end. And that is still possible with four more meetings to go. A rate cut delayed does not mean a rate cut taken away. That's an important thing to consider when chasing any further aussie gains from the decision here.
This article was written by Justin Low at www.forexlive.com. Read More Details
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