With the Aussie central bank firmly entrenched with rates at 1.5%, traders will instead be focusing on the RBA’s outlook with critical focus on employment conditions and wages, as the Australian economy continues to dig itself out of sluggish growth.
Asian shares ticked up early this morning, supported by Wall Street gains although sentiment was tempered ahead of the U.S. midterm elections, the first major electoral test of President Trump’s big tax cuts and hostile trade policies.
Many investors are expecting Trump to continue to take a hard line on trade, regardless of the outcome of the elections.
Later on tonight, we have the New Zealand’s employment data, followed by their Interest rate decision and monetary policy statement tomorrow.
We’ll see how these releases affect the US dollar and our currency basket tomorrow morning.