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RBA Meeting minutes less hawkish than expected

Written by Sam Coxhead on May 17th, 2011.      0 comments

12:00 PM (AEST) The markets have started the week in a weary manner . Many of the usual correlations have briefly given way as the details start to flow from Europe with regards to the Greek package extension and agreement of the Portuguese terms, not to mention a few human resources issues at the IMF.
An example of the break down in the usual correlations was easily seen overnight. It was a general risk aversion session with lower equities , interest rates and commodity prices, but strangely the USD gave up ground on almost all cross rates.
The just released RBA Monetary Policy Meeting minutes read a touch less hawkish than I expected, and the market seems to agree with the AUD softening since the release. There is also evidence of exiting of bought AUD , sold NZD positions as the NZD has gone bid against most currencies since the release.
The interest rate market now has a 30% chance of a hike in July , which has down from over 40% before the release.
Here is a link to the lengthy minutes, a good read for those with a keen interest.
          Past 24 hours
  Current level Pre- RBA Mins % Change since Mins   Low High
NZD/USD 0.7801 0.7801 0.00%   0.7756 0.7866
AUD/USD 1.0555 1.0577 -0.21%   1.0513 1.0642
NZD/AUD 0.739 0.7373 0.23%   0.7358 0.7447
AUD/NZD 1.3532 1.3563 -0.23%   1.3427 1.3589
NZD/GBP 0.4818 0.4815 0.06%   0.4794 0.4854
NZD/EUR 0.5517 0.5512 0.09%   0.5490 0.5580
NZD/JPY 63.19 63.16 0.05%   62.66 63.63
NZD/CAD 0.7612 0.7609 0.04%   0.7567 0.7628