Global macro overview for 20/10/2015:
The monetary policy meeting minutes were released overnight from the Reserve Bank of Australia. The minutes revealed that the RBA thinks the low Australian dollar and very low interest rates are helping the economy so far and are strengthening the labor market. Moreover, this month's minutes revealed the RBA is nowhere near to cut the rates below 2% again this year as the second quarter growth figures were considered to represent a temporary weakness. Nevertheless, the main risks for the economy might still come from the housing market as lending and mortgage prices vary across the country.
The AUD/USD pair is testing the support at the level of 0.7280. In case of any breakout lower, the next support is seen at the level of 1.7198.
