9:30pm (NY Time) AU Monetary Policy Statement
RBA issues a statement on its Monetary Policy about 4 times a year. As statement on RBA’s website “… These Statements assess current economic conditions and the prospects for inflation and output growth. These Statements have replaced the Semi-Annual Statements on Monetary Policy and the reports on the Economy and Financial Markets which were previously published by the Bank.”
Since we are likely to get hints of future policy direction, whether a credit hiking cycle is coming next quarter or at the beginning of the 2010, or should we expect a prolonged recession and further contraction in the economy… these statements will surely move the market.
I’ll try my best to be around this report and record the entire process live. Hopefully I’ll be able to interpret market condition accurately and make some pips along the way.
UPDATE: RBA was hawkish but not overly hawkish. Market jumped up about 25 pips only to have the gains erased in 20 minutes. There is a strong resistance at the 0.8460 level and unless we can break that level, I’ll not be looking for a LONG trade on the AUD/USD. The end the result for this news is a no trade.
RBA Monetary Policy Statement 08/06/09
August 5, 2009 by Leave a Comment