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Aussie lower after RBA Meeting Minutes

Tuesday, Mar 17 2015
Aussie eased down few point this morning after RBA released its Meeting Minutes. According to the Minutes "current setting of monetary policy had been accommodative for some time and that the recent reduction in the cash rate would provide some further support to the economy." In members opinion "a lower exchange rate would help achieve balanced growth in the economy." This indicates that we could be seeing further downtrend in Aussie, given enough time.
 
Nonetheless, on the basis of the current forecasts for growth and inflation,  members were of the view that a case to ease monetary policy further might emerge, thus leaving a lot of room for further interest rate reduction at the following meetings. They "judged it appropriate to hold the cash rate steady for the time being, while recognising that further easing over the period ahead may be appropriate to foster sustainable growth in demand while maintaining inflation consistent with the target."
 
AUD/USD pair is currently being traded around 0.7620 area. Pair is likely to find support around 0.7550 and resistance above 0.7680 level. Later today, in the US session, Building Permits and Housing Starts data is scheduled for a release.
Last modified on Tuesday, 17 March 2015
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