AUD/USD is likely to remain below the 0.70 level – Commerzbank

Economists at Commerzbank analyze AUD outlook after the minutes from the Reserve Bank of Australia’s latest meeting. 

Monetary policy is unlikely to provide much positive impetus for the AUD

Another rate hike is not off the table, but the RBA is also likely to have reached the end of its hiking cycle soon. 

Incidentally, August will be the last meeting under Acting Governor Philip Lowe. He will be replaced by board member Michele Bullock. However, this is unlikely to bring about too much change in monetary policy. As a result, monetary policy is unlikely to provide much positive impetus for the AUD and therefore AUD/USD is likely to remain below the 0.70 level.