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Australian Dollar Soars as RBA Drops Call for Depreciation

The Australian Dollar soared following the RBA monetary policy announcement as the central bank dropped its call for further depreciation.

Talking Points:

  • Australian Dollar Soars as RBA Statement Drops Call for More Depreciation    

  • UK Construction PMI Unlikely to Stir British Pound as BOE Meeting Looms    

  • See Economic Releases Directly on Your Charts with the DailyFX News App

The Australian Dollar outperformed in otherwise quiet overnight trade, rising as much as 1.2 percent on average against its top counterparts. The move followed the RBA monetary policy announcement. While the central bank kept the baseline lending rate unchanged at 2 percent as expected, the statement released following the sit-down revealed moderation in policymakers’ rhetoric about the exchange rate. Specifically, Governor Glenn Stevens conspicuously left out recently ubiquitous language saying further Aussie depreciation is “both likely and necessary”.

July’s UK Construction PMI report headlines the economic calendar in European hours. Expectations call for the index to edge narrowly higher to 58.5 from 58.1 recorded in the prior month, reflecting a slight acceleration in the pace of home-building sector activity growth. The outcome may not inspire follow-through from the British Pound however as traders withhold directional conviction until after this week’s much-anticipated Bank of England policy announcement passes.

Critical Levels
CCY Supp 3 Supp 2 Supp 1 Pivot Point Res 1 Res 2 Res 3
EURUSD 1.0852 1.0907 1.0929 1.0962 1.0984 1.1017 1.1072
GBPUSD 1.5441 1.5520 1.5553 1.5599 1.5632 1.5678 1.5757

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