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RBA forecast to remain on hold at 4.35% tomorrow- AUD/USD still near recent lows
The Reserve Bank of Australia (RBA) is due to deliver their final monetary policy decision of the year in the early hours tomorrow morning. The markets expect the Australian Central Bank to keep the current 4.35% OCR (Official Cash Rate) unchanged. Any other outcome will certainly surprise and evoke a sharp reaction in the AUD/USD and in the AUD/JPY too. The decision from the RBA is due to be released at 3.30am GMT. In terms of the AUD/JPY the BOJ policy decision on December 19 is not to be overlooked either. For the past 2 months the AUD/USD has been falling back, from above 0.69, to below 0.64 right now. The question is as follows- If the RBA hold tomorrow and the Fed eases next week; will that reverse the current downside run? Well, if the world were an equal place it would tend to underpin such a prospect. The AUD/USD range so far today has been covered by 0.6380 to 0.6403. The AUD/USD closed on Friday at 0.6391. It is right now at 0.6388
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