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AUD/USD OUTLOOK Hawkish RBA Meeting Minutes. China’s COVID standing improves. Bullish IG client sentiment. AUSTRALIAN DOLLAR FUNDAMENTAL BACKDROP The Australian dollar gathered momentum in early trading this morning after the Reserve Bank of Australia (RBA) released its meeting minutes highlighting the need for more aggressive tightening measures. The possibility of a 40bps rate hike was argued within the current climate of rising inflation, tight labor market and relatively low interest rates. For the period ending in December 2022, money markets are pricing in hikes cumulative to 251bps which trumps even the Fed’s 191bps at this point. Any dovish disappointments from the RBA could significantly hinder the AUD against the USD. RBA INTEREST RATE PROBABILITIES