RBA: Australian Dollar Is Adjusting To Lower Commodity Prices
RBA: Prospects For Economic Improvement Firmed In Recent Months
RBA: Spare Capacity In Economy Likely For Some Time Yet
RBA: Labour Market Improving; Jobs Growth Stronger Than Expected
RBA: Sees 1.5%-2.5% CPI Rise in Q216 (prev 2%-3%)
RBA: Sees 2.25% GDP Growth Year Average in Q216 (prev 2%-3%)
PBoC Fixes Yuan Reference Rate At 6.3459 (prev 6.3381)
Kuroda: Japan May Fall Below Potential Growth After 2017 Sales Tax Hike
The main event overnight was the release of the RBA meeting minutes. The central bank said that the previous rate cuts and the lower Australian Dollar are supporting economic growth and repeated that the AUD is adjusting to lower commodity prices. All in all, there was nothing new in the statement and hence little reaction in the FX market.
It was another quiet Asian trading session, as traders are waiting for the NFP release later today. After the recent comments from Fed Chair Yellen about a possible December rate hike, this data release will be seen as even more significant. The market is expecting a 180k NFP print, while the unemployment rate is expected to remain unchanged at 5.1 %.
In the Asian session, EUR/USD traded in a 1.0878-93 range, while GBP/USD was consolidating between 1.5205 and 1.5219. USD/JPY flows were light as well, with the pair caught in a 121.53-75 range.