When are the RBA minutes and how could they affect AUD/USD?

RBA minutes overview

The RBA minutes of the 6th March meeting are due today at 1230GMT after the RBA, as widely expected, left the official cash rate at 1.50% at its latest meeting, unchanged yet again. 

Analysts at Westpac explained that the market interest is limited by the RBA’s firm steady hand on the cash rate near term:

"We will be looking for any elaboration on why the March statement changed its Australian GDP growth forecast from “growth to pick up, to average a bit above 3 per cent over the next couple of years” to a seemingly less bullish “grow faster in 2018 than it did in 2017.” GDP growth averaged just 2.3% in 2017, so this is a low bar."

How could the minutes affect AUD/USD?

Technicals remain bearish for the Aussie with negative RSIs and the price changing hands below the 200-D SMA at 0.7803.

0.7700 was taken out overnight but profit-taking back towards 0.7760 could be on the cards on if there are no further signs of bearishness for the outlook of the Aussie economy. 0.7625 could be the alternative scenario on a break of 0.7686 recent lows.

Key notes:

• AUD/USD awaits the Fed - Westpac.
• AUD/USD analysis: holding near fresh lows.

About the RBA minutes

The minutes of the Reserve Bank of Australia meetings are published two weeks after the interest rate decision. The minutes give a full account of the policy discussion, including differences of view. They also record the votes of the individual members of the Committee. Generally speaking, if the RBA is hawkish about the inflationary outlook for the economy, then the markets see a higher possibility of a rate increase, and that is positive for the AUD.