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Aussie higher after RBA Meeting Minutes

Tuesday, Feb 17 2015
At its latest meeting RBA decided, on the basis of their assessment of current conditions and taking into account the revised forecasts, to reduce further cash rate in order to provide additional stimulus. According to the Minutes, "the restrained pace of wage increases over the past year or so and accompanying growth in productivity, which had dampened growth in unit labour costs, suggested that low rates of inflation were likely to be sustained."In other respects, the forecast underpinning the outlook for domestic activity and inflation were much as they had been for some time. 
 
As for exchange rates it was noted that the Australian dollar had depreciated noticeably against a rising US dollar over recent months, although less so against a basket of currencies, and that it remained above most estimates of its fundamental value, particularly given the significant declines in key commodity prices. Members agreed that a lower exchange rate was likely to be needed to achieve balanced growth in the economy.
 
After the Minutes were released, Aussie was pushed higher and is currently being traded slightly below 0.78 handle. Pair is likely to find support around 0.7750 and resistance above 0.7830 level. Later today, Empire State Manufacturing Index figures are scheduled for a release.
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