FX.co ★ Global macro overview for July 21, 2015

Global macro overview for 21/07/2015:

Last night, the Reserve Bank of Australia released minutes from its monetary policy meeting. The Australian central bank admitted the currency is overvalued on current market levels, however it looks like the bank wants to keep it this way and further cuts are not on the table right now. The biggest impact on the Australian economy came from a falling mining investment, unemployment at 6% and subdued wages. The current interest rates are at 2%, so there is still a room for a further cuts.

The AUD/USD technical picture reveals no big surprises as the AUD is slowly but surely falling to test the key support at the level of 0.7266.