RBA sees monetary policy remaining accommodative
The Reserve Bank of Australia sees monetary policy remaining accommodative especially as the Aussie has remained stronger than desired, according to minutes of the June 2 board meeting released this morning. The RBA held rates at a record low 2% at the meeting.
"Having eased policy at the previous meeting members judged that it was appropriate to leave the cash rate unchanged and to assess information on economic and financial conditions as it becomes available," the RBA said.
"These data would inform the board's assessment of the state of the economy and the outlook and hence whether the current stance of policy would most effectively foster sustainable growth and inflation consistent with the target," the RBA said.
After the Minutes, Aussie edged down few points and is currently being traded slightly above 0.7860 level. Pair is likely to find support around 0.77 handle and resistance above 0.78 area. Later today, in the US session, Building Permits and Housing Starts figures were released.
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