RBA comments could set the tone for the commodity currencies – FXStreet

FXStreet (Barcelona) – FXStreet Editor and Analyst, Omkar Godbole, explains that the RBA will likely maintain a dovish stance in its July policy meeting, and also set the tone for the AUD and other commodity FX.

Key Quotes

“The commodities have taken a beating today on the results of Greek referendum. Crude oil prices tanked more than 2%. Iron ore prices are falling as well along with other base metals. We have commodities under pressure due to the Greece-led risk aversion, looming uncertainty of Grexit, and concerns in China. Consequently, the RBA is likely to come out extremely dovish and set the tone for the AUD and other commodity currencies.”

“Since the beginning of the current year, an action from the major commodity exporter’s central bank has been followed by its peers. Hence, a dovish RBA is likely to invoke similar comments from other central banks- BOE, RBNZ.”

FXStreet Editor and Analyst, Omkar Godbole, explains that the RBA will likely maintain a dovish stance in its July policy meeting, and also set the tone for the AUD and other commodity FX.

(Market News Provided by FXstreet)