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AUD/USD Drifts Higher Above 0.6710 Subsequent To The Minutes Of The RBA Meeting
The AUD/USD maintains its gains near 0.6715 following the publication of the minutes from the RBA meeting. RBA members will analyze additional data in order to assess the risk-to-policy ratio and determine how to achieve it. The November US Housing Starts and Building Permits are due later on Tuesday.
A number of investors engage in the AUD/USD pair during the early Asian trading session on Tuesday. Presently trading near 0.6715, the pair is up 0.16 percent for the day. Tuesday saw the release of the Minutes of the December monetary policy meeting of the Reserve Bank of Australia (RBA), which indicated that the central bank had observed positive indications of advancements in inflation and that this trend should persist.
At this meeting, all RBA members concurred that the case for maintaining the cash rate target was the more compelling one. In addition, the central bank will closely observe the incoming data in order to modify the economic outlook and the evolving risk assessment in the process of policy formulation. Members of the RBA concurred that inflation expectations remained in line with the target rate of inflation.
Traders will then concentrate on the housing data from the United States on Tuesday, which includes building permits and housing starts. The November edition of the Australian Westpac Leading Index is scheduled for release on Wednesday.
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