AUD/USD could consolidate around 0.6850/0.6900 in the next few weeks – ING

AUD was very marginally impacted by July’s Reserve Bank of Australia (RBA) minutes. Economists at ING analyze Aussie outlook. 

RBA minutes reiterated openness to another hike

The explicit openness to more tightening, if needed, means that another hike remains possible should CPI figures surprise materially on the upside again. We currently expect one last 25 bps hike in September.

AUD/USD may suffer from a USD rebound and lingering negative Chinese effect in the coming days, but we could see it consolidate around 0.6850/0.6900 in the next few weeks.