Sentiment toward the AUD went from hero to zero in April. The month’s high of 0.7661 came on 6 April, shortly after the RBA had dropped the word ‘patient’ from its post-meeting Statement and indicated support for a first rate rise in ‘coming months’ – interpreted at the time to mean June was more likely than May, following publication of both Q1 CPI and wages data. These early month gains extended the late March AUD rally driven in large part on misplaced hopes for an early cessation of fighting in Ukraine and peace agreement. From April 6 onwards, it was most mostly uninterrupted traffic downwards for AUD, save for ... (full story)