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Forex Flash: RBA statement should have limited AUD response - Westpac

FXstreet.com (Barcelona) - The RBA Statement on Monetary Policy (1.30GMT) will generate a slew of headlines but probably limited net AUD response, notes Sean Callow, FX strategist at Westpac.

Mr. Callow adds: "Unlike Treasury, which may lower its growth forecasts in Tue’s budget, the RBA already has cautious GDP forecasts, 3% for FY12/13 (Westpac 2.9%) and 2-3% for FY13/14 (Westpac 2.5%). CPI forecasts will be shaved lower after the soft Q1 CPI. Any commentary on AUD will of course be closely watched."

Forex: AUD/JPY still consolidating within ‘pennant’ pattern on daily chart

The AUD/JPY finished the session up 87 pips at 101.55. At one point the pair traded as high as 101.55, but was unable to main a firm bid at these levels and drifted lower later in the NY session. In what has been a busy week of economic data released out of Asia, we will see one more major report with the RBA Monetary Policy Rate due out at 1:30GMT. The pair is currently trading slightly higher in Asia trade, up five pips at 101.55
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