Early on Tuesday morning, the Reserve Bank of Australia released its detailed Monetary Policy Minutes from its last meeting and as a result the AUDUSD pair suffered from short-term bearish pressure, owing to the predominantly dark tone of RBA's Board of Directors.
Overall the report presented compelling evidence suggesting that the Australian economy remains resilient; however, in many aspects, it is currently performing under its maximum capacity. Furthermore, the Board of Directors observed the most recent trends in the global economy and determined that the risks to global growth remain to the downside.
“[…] spare capacity remained in the labour market and that the Australian economy could sustain lower rates of unemployment and underemployment. […] there had been further signs of a turnaround in established housing markets, especially in Sydney and Melbourne, although housing turnover had remained low. […] Based on the information available, members judged that it was reasonable to expect that an extended period of low interest rates would be required in Australia to make sustained progress towards full employment and achieve more assured progress towards the inflation target.” [source]
RBA's admission of the required prolongation of the low interest rates period had a negative short-term impact on the AUD/USD, which has fallen with almost 0.30 per cent since the release of the report. The fall, however, is not detrimental as investors have already weighed in on the possibility for an extension of the low interest rates. Thus, it is likely for the pair to extend its losses further, possibly to 0.68150, before the price finds support from the previous Accumulation range’s upper-boundary. The long-term forecasts remain with a predominantly bullish outlook.
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