RBA Meeting Minutes

The dovish sentiment ruled the RBA meeting minutes. A couple of things to note from the recent release of RBA minutes:

1. “Australia's central bank does not see a need to further ease policy for now as its package of measures were working "broadly as expected" with an economic recovery underway in most of the country.”
2. "Members reaffirmed that there was no need to adjust the package of measures in Australia in the current environment,"
3. "Members agreed, however, to continue to assess the evolving situation in Australia and did not rule out adjusting the current package if circumstances warranted."

How did the AUD react in response to this news?

• AUD/USD: The pair showing slight easing from weekly high of 0.7230
• AUD/JPY: The pair appeared unfazed and not affected by the minutes.

In terms of Covid updates, spread of infection is reported to be slowing in Victoria, Australia after a month of regional lockdown– the state has recorded more than 2,100 cases since May 26.