AUD Weekly Forecast – RBA Meeting Minutes on Tap

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After a mixed trading week, will the RBA’s meeting minutes encourage one-directional trends for the Aussie?

Check out the economic reports and themes you need to pay attention to if you’re trading the comdoll this week:

RBA’s meeting minutes (Aug 18, 2:30 am GMT)

Earlier this month, Reserve Bank of Australia (RBA) members kept their interest rates unchanged at 0.25% and were upbeat over signs of economic recovery
While they said that a negative interest rate was “unlikely,” members haven’t ruled out adjusting their stimulus efforts
Read up on their sentiments on launching further stimulus, negative interest rates, and the Aussie’s current levels against its counterparts

MI leading index (Aug 19, 1:30 am GMT) last printed a 0.4% uptick after a 0.2% increase in June
Markit’s manufacturing PMI (Aug 20, 12:00 am GMT) could dip from 54.0 to 53.5 in August
Markit’s services PMI also seen weakening for the month
People’s Bank of China (PBoC)’s closely watched 1-year loan prime rate is expected to be left unchanged at 3.85%

Like in the previous week, coronavirus cases in key Australian regions and what they mean for the government’s lockdown plans will continue to affect AUD’s intraweek trends
Coronavirus-related updates from other major economies (number of cases, lockdown prospects, vaccine updates, and stimulus announcements) can influence the demand for high-yielding currencies like the Aussie
Closely watched releases like the FOMC’s meeting minutes and PMIs from the European region and the U.S. can also affect overall risk sentiment and AUD’s prices

Daily 50 and 200 SMAs are reflecting AUD’s bullish trends against most of its counterparts
Watch out for retracement or reversal opportunities against the European currencies (EUR, CHF, GBP)