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Traders are shifting their attention towards RBA monetary policy meeting coming in February and making assumption either RBR cut the interest rate or not. Two major economic data for the coming days will be employment as well as inflation data. Market continues to expect the RBA to stay on hold for an extended period and also believe Australia will diverge from its commodity and Asia Pacific peers in 2016.
Australia's economy is reaping advantage and now looks distinctly better than other countries in the region. Country's underlying inflation is low as per the targeted range and clear traction can see from the weak AUD in shifting economic activity toward tourism sector and the services sector. Labor market is also strengthening and country does not ease when the unemployment rate is falling.
RBA maintains a soft easing bias which is more comfortable with the exchange rate level. In the last policy meeting in December RBA kept the statement unchanged and said, "The Australian dollar is adjusting to the significant declines in key commodity prices" even though the AUD had strengthened and iron-ore prices had fallen ahead of the meeting.
According to the current economic situation in Australia, rate hikes are unlikely any time soon. It is more likely that AUD reach to $0.65 against USD by end of 2016.
