Archived IMT (2009.08.04)

The Aussie's stellar ascent was given a fresh a fillip overnight by the Reserve Bank of Australias confirming a bottom in rates when it switched from a loose policy bias to a neutral bias. While this means rates to remain unchanged into most of 2010, it should imply the RBA would be first to raise rates. The RBA removed the part of the July statement, which said stated: The boards current view is that the outlook for inflation allows some scope for further easing of monetary policy, and substituting it by: the present accommodative setting of monetary policy is appropriate given the economys circumstances. AUDJPY is scrutinized as to whether double top resistance will be breached above 80.50-60. AUDUSD breaks above 0.8388 (61.8%) retracement of 0.9855-0.6015 move.