RBA to release its August meeting Minutes today

The Reserve Bank of Australia (RBA) will release the minutes of its August meeting during the night. However, we should not read too much into these statements. For Australia, economic developments in China, its largest trading partner, are the biggest risk. Concerns in that area are likely to have increased after the August meeting due to the surprise step of the PBoC to allow for CNY depreciation. 

However, there is reason for optimism for the RBA. On the back of favourable signals from the labour market and the domestic economy, it will wait and see and monitor the effects of the weaker CNY closely. AUD-USD is likely to have reached a new comfortable level for now.