The USD is mostly higher with the USDJPY up 0.27% and breaking through the 40 year ceiling near 161.95-97.
The price moved above the key ceiling with more momentum in the Asian Pacific session and quickly extended to a high or 162.396
The price corrected lower but stayed above the 161.95-97 area at 162.04. The price has subsequently pushed to a high of 162.42. The RBA meeting minutes from the last meeting on June 16 were released.
The RBA kept rates unchanged after 3 previous hikes which took the price back to the prior high. The Reserve Bank of Australia maintained a hawkish bias, emphasizing that monetary policy needs to remain restrictive and that further rate hikes remain possible if inflation proves persistent. The board highlighted that headline inflation at 4.0% and core inflation at 3.6% remain well above its 2%-3% target range, while excess demand in the economy and weak productivity growth continue to pose risks to the inflation outlook.