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AUD/JPY remains sidelined above 72.00 after RBA minutes

  • AUD/JPY has seen little action following the RBA minutes.
  • The minutes confirmed the RBA's easing bias and that the central bank is in a wait-and-watch mode.
  • The minutes offered no hawkish or dovish surprise, leaving AUD/JPY at the mercy of broader market sentiment.

AUD/JPY is barely moving in response to the minutes from the Reserve Bank of Australia's (RBA) August meeting released at 01:30 GMT.

The currency pair is currently trading at 72.13, up five pips from 72.08 seen before the release of the RBA minutes.

Rates to remain low for an extended period

RBA board would consider a further policy easing, if needed, to assess developments in domestic, global economies before considering easing, the minutes showed.

The policymakers also feel it is reasonable to expect interest rates to remain low for an extended period and the recent slide in the AUD will help exports and tourism.

All-in-all, the minutes confirmed the RBA's easing bias and the fact that it is now on a wait-and-watch mode. With the minutes offering no hawkish or dovish surprises, the AUD pairs continue trade largely unchanged on the day. 

The AUD/JPY pair, however, may pick up a strong bid during the day ahead as the US stocks put on a good show on Monday with the S&P 500 index rising 1.21%.

Pivot points

 

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