RBA removed the word "patient" from its statement and upgraded its inflation forecast and noted uncertainty around the supply crisis keeping prices higher for longer.

The bond market reacted immediately and now pricing in multiple rate hikes over the next year.

AUD/USD has broken key resistance and is back into the 0.7500-0.7800 range and on the way higher for now.

50 pip pull backs if 0.7550 is not retested may be the most this rocketing market will provide.

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