Currency Update: The AUD is currently trading above USD 0.91 for the first time since December

Currency Update: The AUD is currently trading above USD 0.91 for the first time since December. Yesterday in Australia, the Minutes from the RBA Board's March meeting were released. The Board reiterated their expectations of a period of stability in the cash rate if the economy evolves as expected (including some further increase in unemployment). ANZ expects no rate rise until early 2015. On the Australian dollar, the Minutes said the currency was still high by historical standards, and implied that a lower currency was still a preference for the RBA rather than even lower interest rates. The risk rally extended as data in the US continued to print well. The rally was narrow however with AUD and NZD pushing higher, while the EUR remained capped by weaker confidence data from Germany.