In the March minutes, RBA cited ‘significant uncertainties’ surrounding their economic outlook with trade remaining a ‘continued source of uncertainty’. Still no strong case for a rate-change for the near-term, although they see scenario’s for either a hike or a cut. They see risk of slower dwelling investment and await more data to resolve the tension between solid employment and soft growth.
After a soft start, GBP pared losses sustained when Theresa May’s third vote was blocked by parliament.
Tight ranges for FX overall (all pairs remain well within their average daily ranges) although JPY and GBP are the strongest majors whilst USD is the weakest.
DXY is trading just above yesterday’s lows around 96.40, WTI and Brent remain near their highs whilst meandering around the 200-day eMA. Gold edged it was to a 3-day high, USD/CHF is flirting with parity.