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RBA disappoints by holding rates

US dollar index is trading under slight bearish pressure, holding below the recent 11-year highs. However, losses are limited due to the increased 10-year Treasury yields.

Australian dollar was in the center of market attention today. AUD/USD hit 0.7840 as the Reserve Bank of Australia has unexpectedly left interest rates unchanged at 2.25%. Australian GDP on Wednesday is slowly moving into the limelight. NZD/USD followed a similar dynamics, recovering to 0.7550.

USD/JPY jumped above 120 yen early in the session. However, the rally was killed by comments from Japan government adviser Honda. He warned the BOJ about overheating the economy. In his view, USD/JPY is in the "upper limit of comfort zone". The pair slipped to 119.60 following the comments.

European currencies are trading in narrow ranges with EUR/USD recovering some ground slightly above the 1.1200 mark. Here are the major events to watch for today:

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