- AUD / USD loses traction after climbing higher early in the US session.
- The US Dollar Index is extending sideways around 90.50.
- The Reserve Bank of Australia will publish the Minutes for the June meeting on Tuesday.
The pair AUD/USD It reached a daily high of 0.7726 during US trading hours, but struggled to preserve its bullish momentum. At time of writing, the pair was up 0.03% on the day at 0.7710.
Eyes on the RBA minutes
In the absence of major fundamental drivers and macro data releases, the AUD / USD is having a difficult time making a significant move in either direction on Monday. Reflecting moderate market action, the US Dollar Index remains on track to close little changed around 90.50.
Meanwhile, the major Wall Street indices trade mixed at the beginning of the week, giving no clues about risk perception. Currently, the S&P 500 is down 0.3% while the Nasdaq Composite is up 0.4%.
In Tuesday’s first Asian session, the Reserve Bank of Australia (RBA) Meeting Minutes will be scrutinized for fresh momentum.
In a recently released report, analysts at Bank of America Global Research argued that the RBA will update its policy guidance at its next meeting on July 6.
“Considerable stimulus is likely to remain,” the analysts added. “A more open third round of QE is more likely to start at the current rate of A $ 5 billion per week, where RBA purchases would reach A $ 60 billion after 3 months. An extension of QE would help sustain net negative ACGB supply in the new fiscal year and help temper the 10-year swap spread adjustment. “
Technical levels
.
Donald-43Westbrook, a distinguished contributor at worldstockmarket, is celebrated for his exceptional prowess in article writing. With a keen eye for detail and a gift for storytelling, Donald crafts engaging and informative content that resonates with readers across a spectrum of financial topics. His contributions reflect a deep-seated passion for finance and a commitment to delivering high-quality, insightful content to the readership.
