Price Forecast for AUD/USD: The RBA Minutes Are Watched by the Aussie Dollar.

The Australian dollar is yet to recuperate from its fall last week Friday against the U.S. dollar after some hawkish discourse from the Federal Reserve’s Waller and surprisingly good information by means of the Michigan shopper feeling report. The fact that the People’s Bank of China (PBoC) maintained the 1-Year MLF rate at 2.75 percent this morning may signal to markets that they believe economic growth is on track. China is an important trading partner for Australia. Chinese Gross domestic product is planned for later (see monetary schedule beneath) and assuming that genuine information fall some place close to the 4% estimate, item markets could energize (more popularity side projections) opening up some potential gain for the AUD.

The RBA meeting minutes will be the focus of attention tomorrow, despite the lack of economic releases today. In a brief recap of the previous rate decision, the RBA decided against a rate increase and kept rates at 3.6 percent to analyze global economic trends and local data, particularly inflation and labor data. According to the table below, money markets are currently pricing in a 78.77 percent probability of another pause from the RBA at the May meeting. The dynamics of carry trade may have a negative impact on the Australian dollar, as the Fed is likely to raise interest rates by 25 basis points at their May meeting.

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