RBA rate statement and cash rate

The cash rate set by the RBA remained at 2.5%, in line with the forecast rate. There is nothing new in the RBA statement, which explains why the AUD/USD pair did not move much. The press statement can be found here.

"An overvalued currency is hampering investments in the country" remarked Mark Barton from Bloomberg. The Australian dollar has been the strongest performing G10 currency so far this year.

 AUD/USD M1 chart above.

AUD/USD M15 chart above.

Generally this pair has been facing a downtrend until 12.06 pm. In the M1 chart, this pair went on to climb slightly till 12.30.