AUD/USD is back below 0.6700. Arguments for a break from the RBA at the April 4 meeting were confirmed.

The Reserve Bank of Australia’s minutes discussed revisiting the case for a pause in the rate hike cycle.

As I said in the message, the banking crisis since that meeting has, at IMO, blocked a break in April. Inflation is still well above target, but showing signs of picking up. Activity slows down.

The next (monthly) CPI reading is scheduled for Wednesday March 29, 2023, this will be the monthly inflation data for February. It would have to be a blockbuster to trigger an RBA hike in April, IMO.

AUD/USD dribbling lower. Just like the CAD and the NZD, it must be said.


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