Currency Update: The AUD has opened around USD 0.9030 ahead of today's release of the minutes of the Reserve Bank of Australia's February board meeting

Currency Update: The AUD has opened around USD 0.9030 ahead of today's release of the minutes of the Reserve Bank of Australia's February board meeting. Overnight, markets were pretty much range bound with the US markets closed for Presidents' Day public holiday. Today's minutes will be closely watched for any hints on the monetary policy bias and any comments on the AUD. In its post board meeting media release the bank had outlined that it had moved to a neutral policy bias and dropped its reference to the AUD that is was at uncomfortable high levels. This saw the AUD rally almost a cent pushing it towards recent highs above USD 0.9000. Offshore markets were relatively quiet with US markets closed and no key economic data releases elsewhere. The GBP and the JPY weakened slightly against the USD but most majors traded within a tight range.