{"id":64000,"date":"2023-06-05T10:57:06","date_gmt":"2023-06-05T07:57:06","guid":{"rendered":"https:\/\/ironfx-com-php8.wp-dev.int.theitops.net\/?p=64000"},"modified":"2024-07-10T16:56:49","modified_gmt":"2024-07-10T13:56:49","slug":"rba-to-hike-or-not-to-hike","status":"publish","type":"post","link":"https:\/\/www.ironfx-id.com\/vi\/rba-to-hike-or-not-to-hike\/","title":{"rendered":"RBA, to hike or not to hike?"},"content":{"rendered":"<p>During Friday\u2019s American session, the US Employment report for May sent mixed signals to traders, as the Non-Farm Payrolls figure rose instead of dropping yet the Unemployment rate also rose from 3.4% to 3.7%. It is important to note that the US Manufacturing sector lost a number of jobs, thus potentially hinting towards a reduction in US Manufacturing activity. For the time being the report does not seem to provide any elements that may alter the Fed\u2019s intentions. Furthermore, we note that we are currently in the Fed\u2019s blackout period and as such will not see any Fed speakers until the FOMC\u2019s interest rate decision in two weeks.<\/p>\n\n\n\n<figure class=\"wp-block-embed is-type-video is-provider-youtube wp-block-embed-youtube wp-embed-aspect-16-9 wp-has-aspect-ratio\"><div class=\"wp-block-embed__wrapper\">\n<iframe title=\"RBA: To hike or not to hike?\" width=\"750\" height=\"422\" src=\"https:\/\/www.youtube.com\/embed\/WUPjUQhi5-E?feature=oembed\" frameborder=\"0\" allow=\"accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share\" allowfullscreen><\/iframe>\n<\/div><\/figure>\n\n\n\n<p>USD\/JPY rose on Friday breaking the 139.90 (S1) resistance line, now turned to support. Nevertheless, the big picture of a sideways motion seems to be maintained for now hence we keep our sideways motion bias. There may be some slight bullish tendencies as the RSI indicator remains above the reading of 50. Should the bulls take over, we may see the pair aiming if not breaking the 142.20 (R1) resistance line. Should the bears be in charge of the pair\u2019s direction, we may see the pair breaking the 139.90 (S1) support line and aim if not reach the 137.55 (S2) support level.&nbsp;<\/p>\n\n\n\n<p>On the monetary front, we note that RBA is to release its interest rate decision. The bank may opt to remain on hold, keeping the cash rate at 3.85% as RBA Governor Lowe stated that monetary policy is restrictive and working, yet the acceleration of inflation for April may force the data-dependent bank to proceed with another rate hike which may provide some support for the Aussie.<\/p>\n\n\n\n<p>AUD\/USD corrected lower yesterday, after taking an unsuccessful swing at the 0.6640 (R1) resistance line. Despite the correction lower the upward trendline guiding the pair since the 31<sup>st<\/sup> of May seems to remain intact, yet should the pair stabilise we may see its price action breaking the prementioned upward trendline and forcing us to switch our bullish outlook in favour of a sideways motion bias initially. Should the selling interest be extended we may see AUD\/USD breaking the 0.6575 (S1) support line and aim for the 0.6525 (S2) support level. On the other hand for a bullish outlook, we would require the pair to form a higher peak than the last one and thus break the 0.6640 (R1) resistance line, taking aim at the 0.6700 (R2) resistance level. On the commodities front, we note Saudi Arabia\u2019s pledge to proceed with deeper oil production cuts yet for the time being oil traders do not seem to be particularly impressed. The production cuts are to be implemented in July and production is expected to drop to 9 million bpd from May\u2019s 10 million bpd.&nbsp;<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-other-highlights-for-the-day\"><strong>Other highlights for the day:<\/strong><\/h2>\n\n\n\n<p>In today\u2019s European session, we note the release of Germany\u2019s exports for April on a mom basis, followed by Switzerland\u2019s and Turkey\u2019s CPI rates for May and the Eurozone\u2019s forward-looking Sentix index for June. During the American session, we note the US Factory Orders rate on a mom level for April followed by the ISM Non-Manufacturing PMI figure for May. Lastly, during tomorrow\u2019s Asian session, we note Japan\u2019s Household spending rate on a YoY basis, followed by Australia\u2019s Current Account figure for Q1 and RBA\u2019s interest rate decision for June.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-as-for-the-rest-of-the-week\"><strong>As for the rest of the week:<\/strong><\/h2>\n\n\n\n<p>On Tuesday, we note the release of Germany\u2019s industrial orders for April. On Wednesday, we get Australia\u2019s GDP rate for Q1, China\u2019s trade data for May, Germany\u2019s industrial output for April, UK\u2019s Halifax House prices for May and Canada\u2019s trade data for April, while on the monetary front we note the release of BoC\u2019s interest ate decision. On Thursday we get Japan\u2019s GDP rate for Q1, Australia\u2019s trade data for April, Eurozone\u2019s GDP rate for Q1 and the US weekly initial jobless claims figure. Finally, on Friday we note the release of China\u2019s inflation metrics for May, Sweden\u2019s GDP rate for April, Norway\u2019s CPI rates for May and Canada\u2019s employment data for the same month.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-aud-usd-h4-chart\"><strong>AUD\/USD H4 Chart<\/strong><\/h2>\n\n\n\n<figure class=\"wp-block-image size-full\"><img fetchpriority=\"high\" decoding=\"async\" width=\"975\" height=\"456\" src=\"\/wp-content\/uploads\/2023\/06\/image-19.png\" alt=\"support at zero point six five seven five and resistance at zero point six six four, direction upwards \" class=\"wp-image-64004\" title=\"aud-usd-four-hour-chart\"\/><\/figure>\n\n\n\n<p>Support: 0.6575 (S1), 0.6525 (S2), 0.6445 (S3)<\/p>\n\n\n\n<p>Resistance: 0.6640 (R1), 0.6700 (R2), 0.6770 (R3)<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-usd-jpy-h4-chart\"><strong>USD\/JPY H4 Chart<\/strong><\/h2>\n\n\n\n<figure class=\"wp-block-image size-full\"><img decoding=\"async\" width=\"975\" height=\"456\" src=\"\/wp-content\/uploads\/2023\/06\/image-20.png\" alt=\"support at one hundred and thirty nine point nine and resistance at one hundred and forty two point two, direction sideways\" class=\"wp-image-64005\" title=\"usd-jpy-four-hour-chart\"\/><\/figure>\n\n\n\n<p>Support: 139.90 (S1), 137.55 (S2), 135.15 (S3)<\/p>\n\n\n\n<p>Resistance: 142.20 (R1), 145.10 (R2), 147.35 (R3)<\/p>\n\n\n\n<figure class=\"wp-block-image size-full\"><img decoding=\"async\" width=\"1998\" height=\"489\" src=\"\/wp-content\/uploads\/2023\/06\/image-16.png\" alt=\"\" class=\"wp-image-64001\" title=\"benchmark-05-06-2023\"\/><\/figure>\n\n\n\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"1041\" height=\"610\" src=\"\/wp-content\/uploads\/2023\/06\/image-17.png\" alt=\"\" class=\"wp-image-64002\" title=\"table-05-06-2023\"\/><\/figure>\n\n\n\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"1466\" height=\"1125\" src=\"\/wp-content\/uploads\/2023\/06\/image-18.png\" alt=\"\" class=\"wp-image-64003\" title=\"morning-releases-05-06-2023\"\/><\/figure>\n\n\n\n<p class=\"translation-block\">If you have any general queries or comments relating to this article please send an email directly to our Research team at <a href=\"mailto:research_team@ironfx.com\" target=\"_self\">research_team@ironfx.com<\/a><\/p>\n\n\n\n<p>Disclaimer:<br>This information is not considered as investment advice or an investment recommendation, but instead a marketing communication. IronFX is not responsible for any data or information provided by third parties referenced, or hyperlinked, in this communication.<\/p>","protected":false},"excerpt":{"rendered":"<p>During Friday\u2019s American session, the US Employment report for May sent mixed signals to traders, as the Non-Farm Payrolls figure<\/p>","protected":false},"author":15,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[1],"tags":[],"class_list":["post-64000","post","type-post","status-publish","format-standard","hentry","category-uncategorized","blog-category-financial-news","entry"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.3 (Yoast SEO v27.3) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>RBA, to hike or not to hike?<\/title>\n<meta name=\"description\" content=\"During Friday\u2019s American session, the US Employment report for May sent mixed signals to traders, as the Non-Farm Payrolls figure\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.ironfx.com\/vi\/wp-json\/wp\/v2\/posts\/64000\/\" \/>\n<meta property=\"og:locale\" content=\"vi_VN\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"RBA, to hike or not to hike?\" \/>\n<meta property=\"og:description\" content=\"During Friday\u2019s American session, the US Employment report for May sent mixed signals to traders, as the Non-Farm Payrolls figure\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.ironfx-id.com\/vi\/rba-to-hike-or-not-to-hike\/\" \/>\n<meta property=\"og:site_name\" content=\"Complete Turnkey Introducing Brokers (IB) Solution at IronFX\" \/>\n<meta property=\"article:published_time\" content=\"2023-06-05T07:57:06+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-07-10T13:56:49+00:00\" \/>\n<meta name=\"author\" content=\"IronFX Team\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.ironfx-id.com\\\/vi\\\/rba-to-hike-or-not-to-hike\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.ironfx-id.com\\\/vi\\\/rba-to-hike-or-not-to-hike\\\/\"},\"author\":{\"name\":\"IronFX Team\",\"@id\":\"https:\\\/\\\/www.ironfx-id.com\\\/vi\\\/#\\\/schema\\\/person\\\/6727476356d10030d1564b38f6e699b1\"},\"headline\":\"RBA, to hike or not to hike?\",\"datePublished\":\"2023-06-05T07:57:06+00:00\",\"dateModified\":\"2024-07-10T13:56:49+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.ironfx-id.com\\\/vi\\\/rba-to-hike-or-not-to-hike\\\/\"},\"wordCount\":798,\"commentCount\":0,\"publisher\":{\"@id\":\"https:\\\/\\\/www.ironfx-id.com\\\/vi\\\/#organization\"},\"articleSection\":[\"Uncategorized\"],\"inLanguage\":\"vi\"},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.ironfx-id.com\\\/vi\\\/rba-to-hike-or-not-to-hike\\\/\",\"url\":\"https:\\\/\\\/www.ironfx-id.com\\\/vi\\\/rba-to-hike-or-not-to-hike\\\/\",\"name\":\"RBA, to hike or not to hike?\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.ironfx-id.com\\\/vi\\\/#website\"},\"datePublished\":\"2023-06-05T07:57:06+00:00\",\"dateModified\":\"2024-07-10T13:56:49+00:00\",\"description\":\"During Friday\u2019s American session, the US Employment report for May sent mixed signals to traders, as the Non-Farm Payrolls figure\",\"breadcrumb\":{\"@id\":\"https:\\\/\\\/www.ironfx-id.com\\\/vi\\\/rba-to-hike-or-not-to-hike\\\/#breadcrumb\"},\"inLanguage\":\"vi\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\\\/\\\/www.ironfx-id.com\\\/vi\\\/rba-to-hike-or-not-to-hike\\\/\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\\\/\\\/www.ironfx-id.com\\\/vi\\\/rba-to-hike-or-not-to-hike\\\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\\\/\\\/www.ironfx-id.com\\\/vi\\\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"RBA, to hike or not to hike?\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\\\/\\\/www.ironfx-id.com\\\/vi\\\/#website\",\"url\":\"https:\\\/\\\/www.ironfx-id.com\\\/vi\\\/\",\"name\":\"Complete Turnkey Introducing Brokers (IB) Solution at IronFX\",\"description\":\"&quot;Our Introducing Brokers program offers competitive conditions tailored to our partners&#039; needs. 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