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Forex: AUD/USD capped below 1.0350 post-RBA minutes

FXstreet.com (Barcelona) - With not much news coming out of recent RBA minutes just released, AUD/USD is currently at 1.0330, off session highs at 1.0347, still recovering from late NY fresh 1-month lows at 1.0290, on the back of massive selling-off in commodities and risk aversion outflows following US Boston bombing attacks.

RBA has repeated again “The outlook for inflation would provide scope for further easing should that be necessary to support demand,” which leaves the door open for further rate cuts, although odds are increasingly falling. The minutes also reveal the RBA believes “the high exchange rate,” as they call it, is “likely to persist,” the central bank said.

Immediate support to the downside for AUD/USD lies at recetn session lows 1.0308, followed by NY session 1-month lows at 1.0290, and March 13 lows at 1.0278. To the upside, closest resistance shows at mentioned session highs/April 05 lows 1.0347/52, followed by March 21 lows at 1.0360, and April 01 lows/200 day SMA at 1.0381/94.

RBA reiterates scope to ease; further assessment needed

On its considerations for monetary policy from the latest RBA minutes just released, the central bank reiterated its stance on 'further scope to ease' if necessary. For now though, they pointed at 'the most prudent course being to hold rates steady and to continue to assess developments over the period ahead.' RBA added that effects of rate cuts still have further to run into the economy, noting that they will continue to assess developments over the period ahead
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Forex: EUR/AUD rockets higher as China Data spurs Aussie weakness

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