RBA’s Monetary Policy Statement released! What’s happening in the market today?

June 6, 2017

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RBA’s Monetary Policy Statement released! What’s happening in the market today?

This article is originally referred from FXPrimus News

Today’s Important Indicators

Today is Australia’s release on short-term interest rates along with RBA’s monetary policy statement.

The monthly interest rate decision could send the Aussie back to lows or regain some of last week’s losses as traders anticipate how the rates will change in the future.

Along with the Bank’s view in monetary policy, this is set to be an important day for the Australian dollar.

Today’s Forecast for Important Trading Indicators

 Time in GMT  Country  Indicator  Expected  Previous
 05:30  AU  RBA Rate Statement  –  –

Market Movers

  • The Aussie Dollar gained 0.62% ahead of RBA statement backed on Caixin data. AUDUSD took off on last week’s weak US data and reached higher levels on yesterday’s upbeat Chinese PMI. The Australian dollar was pushed further owing to oil boost after Saudi Arabia cut ties with Qatar over Qatar’s support of Islamic movement. This morning’s statement on commodity prices helped boost Aussie higher.

AUDUSD 1 HOUR CHART

  • GBPUSD pushed higher ahead of the British elections despite overnight dip, owed on Saturday’s terror attack. The pair traded 0.13% higher on Monday’s session, recovering all opening losses despite poor PMI data. Sterling remains above 1.29000 levels.
  • EURUSD fell 0.20% amid Greek and Italian political risk and Draghi’s dovishness. The pair took a beat after comments for extensive monetary stimulus despite Fed’s interest rate plans. Analysts saw last week’s NFP data as a signal to a more dovish path for USD.
  • Gold climbed to a 6-week high amid Gulf crisis and London terror attack. XAUUSD traded above $1283 as market participants looked into risk aversion due to geopolitical tension in Middle East and weekend’s London attack. Gold is currently trading above 1286.00 levels which could be confirming a continuation to even higher levels.

GOLD 1 HOUR CHART

  • Oil mixed on geopolitical tension as investors are sceptical on supply disruptions. Crude was higher on Monday’s open, ended closing below $50/b despite Saudi and other Middle East countries cutting ties with Qatar. The black gold closed 0.63% lower on Monday’s session.
  • US Indices closed lower on Monday’s session, whereas in Europe only the Dax saw a 1.25% gain.
  • Asian Indices closed lower on Monday’s session with ASX declining 0.50%.

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Original Source: FXPrimus News

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