The Australian Dollar is the notable outperformer as the RBA prepares market participants for higher interest rates. While monetary policy was left unchanged with the cash rate target at 0.1%, as expected. The key shift stemmed from the change in forward guidance in which the RBA dropped the statement that they will remain “patient”. In turn, the Aussie rates market has repriced higher and by extension AUD has vaulted through key resistance at 0.7550 to break above 0.7600.
That said, with the RBA stating that they will assess incoming data “over coming months”, this suggests that June is a live meeting as opposed to May. Additionally, with the RBA also awaiting to see a pick up in wage growth in order to see evidence that inflation is sustainably within its target range, this further endorses the view that May is too soon for the RBA to act. Of note, the Australian wage price index for Q1 will not be released until two weeks after the May policy decision.
Source: Financial Digest (financialdigest.net)
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