As expected the RBA maintained its cash rate at a record low 0.10% on Tuesday. In the rate statement, Governor Philip Lowe said that the global economy continued to improve, but noted that the war in Ukraine was “a major new source of uncertainty”. Lowe warned that inflation would continue to rise, and that the RBA was projecting inflation to hit 3.25% in the coming quarters. This is significant because it indicates that the central bank expects inflation to rise above the bank’s 2-3% target band.
In the financial markets, risk appetite remains subdued, but there appears to be less pessimism and panic in the markets compared to the past few days. This could be based on the notion that investors feel that the bulk of the West’s sanctions against Moscow has already been announced, so “the worst is behind us”. This could quickly change of course, based on developments on the ground in Ukraine. As well, Russia will not take these sanctions lying down, and its response could dampen risk sentiment. Investors remain glued to the crisis, which has been the driver of the direction of the markets and is overshadowing economic releases.
AUD/USD Technical
- There is resistance at 0.7313 and 0.7393
- AUD/USD has support at 0.7124 and 0.7015
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