AUD still holding up despite pressure

The AUD failed to break to the upside on Tuesday, as the RBA minutes simply reiterated their neutral stance and echoed last month’s statement. The AUD is still “too high historically”, but not enough was said to effect the markets in either direction in Australia trading hours. Overnight the AUD fell vs the USD, EURO and other majors, in anticipation of today’s major releases out of China, and the fact that China’s money supply grew at the slowest pace on record. China GDP numbers are due today and are forecast to drop to 7.4%, anything lower could hurt the AUD. This time 12 months ago the AUD began a dramatic fall that lasted until June, the short-term will be key to the medium term AUD levels.