Price action was fairly muted in the Australian dollar following the release of the minutes of the RBA’s March 2 meeting.

Consistent with the policy statement, the minutes reveal a central bank unwavering in its accommodative stance.

I wouldn’t expect too much directional bias in AUDUSD ahead of this week’s Federal Open Market Committee (FOMC) meeting.

If the FOMC takes a hands-off approach to higher US yields, AUDUSD should come under renewed downward pressure on relative yield differentials.

The pair needs renewed strength in commodity prices to offset this impact. Rates vs commodities are the key cross currents for AUD.

Market analysis and insights from Stephen Innes, Chief Global Market Strategist at Axi