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2 Mar 2015
AUD/USD finds support above 0.7750 ahead of US data and RBA
FXStreet (Córdoba) - The AUD/USD pair started the week lower despite Chinese economic data and the rate cut by the People’s Bank of China. During the European session it bottomed at 0.7754, the lowest price since last Tuesday. Afterwards bounced to the upside and trimmed losses.
Recently reached 0.7788, the strongest level since the beginning of the Asian session. Still holds 20 pips below Friday’s closing price and limited ahead of the Reserve Bank of Australia decision.
The central bank will announced its decision on Tuesday at 04:30 GMT. Some analysts expect a rate cut while others affirm that the RBA will remain on hold after the surprise cut last month. “The RBA meeting tonight/tomorrow is finely-balanced but our best guess is that rates will stay on hold and a pro-risk market mood added to a slight rise in market rates could take AUD/USD up to/through 0.80,” explained Kit Juckes of Societe Generale.
Recently reached 0.7788, the strongest level since the beginning of the Asian session. Still holds 20 pips below Friday’s closing price and limited ahead of the Reserve Bank of Australia decision.
The central bank will announced its decision on Tuesday at 04:30 GMT. Some analysts expect a rate cut while others affirm that the RBA will remain on hold after the surprise cut last month. “The RBA meeting tonight/tomorrow is finely-balanced but our best guess is that rates will stay on hold and a pro-risk market mood added to a slight rise in market rates could take AUD/USD up to/through 0.80,” explained Kit Juckes of Societe Generale.