Reserve Bank of Australia (RBA) set to keep rates on hold-check out the AUD/USD today

At around 4.30am GMT tomorrow the Reserve Bank of Australia is due to release their latest monetary policy decision. The markets expect the RBA to maintain the current OCR (Official Cash Rate) at 4.35%. On Friday the AUD/USD rose to its best levels since April 9, when it reached a high at 0.6647. It later closed out the week at 0.6610. To some degree the rebound in the AUD/USD was facilitated by the further falls in the USD/JPY, notwithstanding a significant reversal in the AUD/JPY, from close to 105, to below 100 at one stage, before setting a weekly close on Friday, at 101.14. Almost all the 23 analysts surveyed by Bloomberg expect no change from the RBA tomorrow and on the assumption that is the outcome, it will be the narrative and outlook statement which accompanies that which decide whatever the reaction is in the exchange rate. Overnight the AUD/JPY has lifted with the USD/JPY and that has helped top push the AUD/USD a little higher. The range seen so far today has been covered by 0.6597 to 0.6627. It is currently trading at 0.6618