Aussie retail sales figures came in bang on expectations yesterday at 0.4% with electrical and electronic goods contributing the most up 2.4% in the month of January. As a result the AUD barely moved maintaining its new range locked between 0.7500-0.7600 vs the Greenback.
Today sees the monthly RBA rate announcement due at 2.30pm and while we’re not expecting to see any change to interest rates from their current level of 1.5% the market will be looking for signs or indications from the RBA on their likely next move. Any indication of a move is unlikely to be to the downside given the reasonably strong rebound in commodity prices including coal, iron ore and copper, but there is certainly no guarantee that a rate hike is imminent. Watch this space.
DATA RELEASES TODAY:
AUD – Cash Rate Decision at 2.30pm
AUD EXCHANGE RATES:
AUD/USD – 0.7539
AUD/GBP – 0.6152
AUD/EUR – 0.7123
AUD/NZD – 1.0801
AUD/JPY – 85.92
***Above rates are indicative wholesale rates and intended as a guide only***
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Patrick Downes
Senior Corporate FX Dealer
Compass Markets
Phone Patrick – 0431 278 632
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