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RBA left interest rates unchanged, eyes on China

Tuesday, Sep 01 2015
aud/Australia left interest rates unchanged as a declining currency cushions the impact of lower commodity prices and a weaker outlook for key trading partner China. Reserve Bank of Australia Governor Glenn Stevens and his board kept the cash rate at a record-low 2 percent, as predicted by markets and economists following reductions in May and February. The currency has dropped more than 2 U.S. cents since the last meeting.
 
“Most of the available information suggests that moderate expansion in the economy continues,” Stevens said of Australia in his statement. “Equity markets have been considerably more volatile of late, associated with developments in China,” referring to the stock rout in that country. Stevens altered his language on expectations for the Federal Reserve’s first rate increase to “the period ahead” from last month’s “later this year.” 
 
Statement did not have any major impact on the markets with Aussie currently being traded few points above 0.7120 level. Pair is likely to find support around 0.7070 area and resistance above 0.7180 level. Later today, in the US session, ISM Manufacturing PMI figures will be release
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