RBA minutes: GDP in Australia's major trading partners was expected to decline significantly over the first half of 2020

The RBA has published the minutes of its May Board meeting where the markets are looking for some more details on the views set out by the Bank in the Statement on Monetary Policy. 

RBA minutes, key notes

GDP in Australia's major trading partners was expected to decline significantly over the first half of 2020.

More to come...

AUD/USD reaction

AUD/USD has been on the bid for the best part of the past few sessions since opening a little heavy on the back of geopolitical weekend news. However, the pair has rallied in tandem with US dollar weakness to score a fresh recovery high of 0.6551 reached in New York. Since the release of the minutes, AUD has held steady around the sessions mean at 0.6534.

Description of the minutes of the Reserve Bank of Australia

The minutes of the Reserve Bank of Australia meetings are published two weeks after the interest rate decision. The minutes give a full account of the policy discussion, including differences of view. They also record the votes of the individual members of the Committee. Generally speaking, if the RBA is hawkish about the inflationary outlook for the economy, then the markets see a higher possibility of a rate increase, and that is positive for the AUD.