- The Reserve Bank of Australia’s policy meeting earlier today resulted in a decision to maintain the Cash Rate at 4.10%. Governor Lowe stated that higher rates are working to drive down inflation, which is past its peak, but still too high. Lowe warned that further tightening remains possible. The Australian Dollar reacted by falling somewhat against most other currencies.
- Global stock markets are mostly a little lower since the Asian open, with most indices also lower at yesterday’s New York close. However, the wider environment remains latently bullish.
- In the Forex market, over the short-term, the weakest currency is the Australian Dollar, while the Swiss Franc has been the strongest currency today in the Forex market, putting the AUD/CHF currency cross in focus today. The USD/JPY currency pair advanced firmly yesterday and remains within a valid long-term upwards trend. Trend traders and yield traders will be interested in being long of this currency pair.
- There are rallies in several commodities, with the most notable being WTI Crude Oil and Brent Crude Oil which reached long-term high prices last Friday, which will be of interest to trend traders on the long side. The price of Crude Oil has held up since Friday’s close, suggesting an advance to a new high is likely.
- Gold’s recent advance looks like it has stalled for some time after repeatedly failing at the resistance level confluent with $1.950.
- There will be a release tomorrow of Australian GDP data, which is expected to show a quarterly increase of 0.3%.