Forex Flash: RBA statement doves indicated AUD/USD decline – Societe Generale

Kit Juckes, Global Head of Currency Strategy at Societe Generale notes that the RBA released a relatively dovish monetary policy statement, which reinforces his belief that the AUD is on a downward path from here.

He writes, “Japanese current account data were poor, but the EUR/JPY correction is putting a lid on USD/JPY for now. Chinese trade were very good but also pretty distorted by the late timing of the Chinese New year. In Europe, we have seen an upbeat Banque de France business sentiment indicator, and we get US trade data this afternoon, though the US market will be affected by an imminent blizzard on the East Coast.”