AUD rallies despite rate cut and ‘neutral’ statement
The teflon currency strikes again. Looks like the intraday market was short but to rally by 40 pips after a 25bps rate cut is certainly unusual. The statement reads quite ‘neutrally’ to me so I’m not sure what the market is reading into that. I’ll be happy to sell into this rally, especially if AUD/JPY gets back near 86.10/20.