Archived IMT (2011.04.05)
The main focus of the session will be the Reserve Bank of Australias rate decision. The market has minimal expectations built in for a change from the 4.75% Cash Rate. Possible AUD strength could come from comments about rising inflation or a strong labor market. Any change from: the Bank expects that inflation over the year ahead will continue to be consistent with the 23 per cent target would be a surprise and drive a sizeable AUD reaction. Negative AUD risks could stem from an attempt to highlight the dangers of a strong currency. The decision is at 0430 GMT.
USD/CAD fell to a 3-year low of 0.9615 early in London trading before creeping back to 0.9688. The market shrugged off a significant increase in inflation expectations in the BOCs Business Outlook Survey, attributing it to the spike in oil prices. The market continues to look for a hike around July.
By AB - AshrafLaidi.com contributing staff
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