AUD/USD a Bit Stretched Ahead of RBA Decision -- Market Talk

Dow Jones05-07

0428 GMT - AUD/USD looks a bit stretched ahead of the RBA decision, with markets mostly expecting a rate hold but some notable calls tipping a hike, Maybank analysts say. RBA Gov. Michele Bullock is expected to sound more hawkish, given recent upside surprises in inflation and jobs data, the analysts say in a note. But as markets have already made their hawkish repricing in line with a no-cuts scenario this year, Maybank thinks a lot of that has been priced into AUD. If Bullock doesn't sound as hawkish as markets expect, that could pressure AUD versus USD. If she really surprises to the hawkish side, AUD/USD may break above key resistance at 0.6640 toward 0.6730, they say. The pair was last at 0.6627. (fabiana.negrinochoa@wsj.com)

(END) Dow Jones Newswires

May 07, 2024 00:28 ET (04:28 GMT)

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