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At 02:30 (GMT+2), the minutes of the last meeting of the Reserve Bank of Australia on monetary policy will be published, which may contain hints of further actions of the regulator. At the January meeting, the RBA left the rate unchanged at 0.75%, and the head of the bank, Philip Lowe, said that the regulator is still ready to further soften the monetary policy, if necessary, to support sustainable economic growth. Lowe also noted that forest fires and the Chinese epidemic could put near-term pressure on domestic growth.
USD is weakening against EUR but is strengthening against GBP and JPY. Today is a day off in the US, so financial institutions are closed, and investor activity is reduced. Published on Friday, data on retail sales and consumer sentiment support the dollar. In January, retail sales accelerated growth from 0.2% to 0.3%, and preliminary February data on the consumer sentiment index from the University of Michigan recorded an increase to 100.9 points, the highest level since last May.
In the first half of last week, the NZD/USD pair rose moderately after a RBNZ meeting. As planned, the Bank kept rates at a low level of 1%, while its head, Adrian Orr, forecasts growth acceleration in the second half of 2020. He added that the regulator is ready to implement monetary and fiscal stimulation if the coronavirus has a lasting effect on the economy.
The asset continues to be within the global Broadening Formation pattern. Despite the fact that the seventh wave of the pattern is currently being formed, the downward movement has a steady pace. The AO oscillator is above the zero level, but the formation of several descending bars indicates an imminent trend reversal.