Reserve Bank of Australia minutes have been released.

The board is committed to maintaining highly supportive monetary conditions and the board is prepared to be patient

The minutes go on to say that the emergence of the omicron variant was a new source of uncertainty, but it was expected to derail the recovery.

Key notes

 Three possible options for the bond purchase program.

Inflation had increased, but remained low in underlying terms.

Options reflected the expectation that the economy would continue to bounce back.

If there were another serious economic setback, a different set of options would need to be considered.

Only gradual, pick-up in underlying inflation was expected.

Risk to the recovery posed by the omicron variant would be more apparent by Feb meeting.

AUD/USD price action

AUD/USD reaction has been a test of the 0.71 figure followed by a commitment from the bulls back to 5-min resistance from where as bears could once again move in and potentially take out the 0.71 figure.