The Reserve Bank of Australia have left interest rates on hold and the Aussie $ has rallied strongly 7 June 2016
The decision was largely as expected but that hasn't stopped the Aussie $ from enjoying a relief rally with AUDUSD posting one-month highs of 0.7420 so far.
Nothing of real note in the RBA statement that I can see but the decision is enough to have shorts running for cover. The nod to rising housing prices is still tempered by talk of low inflation remaining for "some time" but overall the statement is less dovish than some might have expected in the wake of last month's surprise cut.
More offers/res into 0.7435 and 0.7450 with demand initially now at 0.7400, 0.7380 and 0.7350
AUDJPY has tested 80.00 but failing to hold gains at the moment with tech res around 80.10-15 (76.4% retracement of 80.78-78.04 move down)
RBA's Stevens - Unchanged policy consistent with sustainable growth
