AUD/USD makes solid gains for the second day
The Australian dollar is the top performer today by a longshot. It's up 0.7% against the US dollar in the second day of solid gains in a row.
One of the drivers is the RBA decision coming up in Aussie trading. There is no reasonable change of a change in the 1.50% cash target but the market is getting nervous about earlier hopes for a dovish statement.
Look at the chart, 0.7500 is a key psychological level but the main number to watch is 0.7517, which is the late-May high.
The real challenge to the Australian dollar is more likely to come on Wednesday when we get the first look at Q1 GDP. Estimates range from -0.3% +0.7% with the consensus at +0.3%. Anything within that range would be below what the government and RBA have forecast.
