RBA held cash rate steady, as expected. Rate statement was relatively upbeat, noting improvement in the global economy and pick-up in inflation. That was balanced with risks emanating from high level of debt in China and slow wage growth.

Aussie traded about 15 pips higher in the minutes after the release but has already given back all the gains. The pair bounced last week after retracing 50.0% of the year's rally. 0.744 - 0.75 is the current range support, 0.755 - 0.761 the resistance.

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