RBA: No change expected in policy, language or tone

Nobody is expecting any surprises today from the RBA and they will almost certainly keep their policy unchanged and leave the statement language as it was.

If this is what happens, we may get a push higher in the AUD/USD to see if there are any stops lurking above .9450 or .9470. The weak USD is a more relevant short-term theme than a strong AUD, but an “as expected” RBA will be slightly bullish AUD imho.

AUD/NZD has settled back above the previous pivot at 1.0750 and may attract some renewed bottom pickers whilst the rally in EUR/AUD overnight will certainly attract some corporate interest.

My bias is towards buying intraday dips but prefer to avois=d the market over the PMI and RBA risk events. Let’s see how it unfolds.