The Australian dollar is trading mixed before today's RBA interest rate decision

Photo by Buda Mendes/Getty Images

The Australian dollar endured a mixed start to the week, falling modestly against the greenback but rallying against the crosses.

Here’s the scoreboard as at 7am AEDT.

AUD/USD 0.7826 , -0.0007 , -0.09%
AUD/JPY 88.22 , -0.10 , -0.11%
AUD/CNH 5.2216 , 0.0121 , 0.23%
AUD/EUR 0.6669 , 0.0037 , 0.56%
AUD/GBP 0.5895 , 0.0037 , 0.63%
AUD/NZD 1.0872 , 0.001 , 0.09%
AUD/CAD 0.9794 , 0.0028 , 0.29%

After briefly falling below 78 cents in European trade, the AUD/USD slowly ground higher over the course of the US session, boosted by a series of strong US economic data prints, firmer commodity prices and continued strength in global stocks.

The Aussie also outperformed against most major crosses with the exception of the Japanese yen, reflecting renewed political concerns in Europe and a sharp slide in global crude oil prices which undermined the Canadian dollar.

Here’s the AUD/USD hourly chart.

AUD/USD Hourly Chart

Turning to the session ahead, the movements in the Aussie will likely be dictated by the Reserve Bank of Australia’s (RBA) October interest rate decision due out at 2.30pm AEDT.

Although no one expects that rates will move today, the tone of the accompanying monetary policy statement will likely dictate movements in Australian bonds and the dollar in the immediate aftermath of its release.

This 10-second guide has more on what to expect.

Outside of the RBA decision, markets will also receive job ads, new home sales and building approvals data from Australia between 11am and 11.30am AEDT.

Outside of the Australian data calendar, there’s very little in Asia that appears likely to sway the Aussie significantly one way or another.

Later in the session, UK construction PMI, Eurozone producer prices and New York ISM index headline what is a quiet data calendar abroad.

On the Fed front, Jerome Powell, Fed governor, is also scheduled to speak during the session.

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