The merry-go-round in major currencies had another spin today with the Dollar, which had posted a decent rally yesterday, underperforming. The Australian Dollar has been one of the best performing majors in the past 24 hours, followed by the Euro, Kiwi Dollar and finally Sterling. The Reserve Bank of Australia kept its policy rate unchanged at its meeting today, as expected, but the slight tweak in language – including expectations of stronger wage growth – was seemingly enough to push the Aussie Dollar stronger. The data and events calendar is reasonably light this week, at least until Friday, and markets are likely to latch on to even small changes in policy-makers’ tone.
