My first thoughts are that the minutes are not quite as bearish as many had anticipated. Statements like “the AUD may have been somewhat overvalued but not substantially so” will give the bears some cause for reconsideration.
Yesterday we were trading near 1.0525 and we could easily return to that level later today if the bears, who had anticipated some RBA action to counter the strong AUD, decide to reduce their exposure.
You can read the full minutes here from the last RBA meeting.