By George Hopkinson
The AUD holds its marginal gains off the back of the election result at the weekend. PM Scott Morrisons tax cut announcement pleased financial markets however, it is the RBA minutes later today that will be the next focus.
On a trade front, the US and China continue to jostle for better terms by turning down each other. The US earlier banned China’s Huawei from doing business with their firms but the US. This has been the key focus of traders in the lack of major data releases.
Even with the quarterly rate statement stealing the thunder of today’s RBA minutes, investors will be looking for clues on the next rate move. Additionally, the RBA Governor Stephen Lowe is also up for speaking at the Economic Society of Australia Business Lunch, in Brisbane. His comments will be observed to validate the minute statement.
Overnight tonight we will have USD existing home sales and Euro-Zone consumer confidence to round out a very quiet night on the data front.
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