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RBA has room for easing if needed

Tuesday, Nov 17 2015
The Aussie gained on Tuesday, but quickly pulled back, after minutes of the central bank's November board meeting noted some scope for further easing, though with overall conditions accomodative. The inflation outlook provides further room for easing if needed, the Reserve Bank of Australia said Tuesday in the minutes of its November board meeting at which it held rates steady at a record low 2%. 
 
Earlier, Reserve Bank of Australia Assistant Governor Christopher Kent said that weak commodity prices and a slower China make predicting the next turns of the economic cycle difficult.“The slowdown in Asia had been more persistent than earlier anticipated and had contributed to lower commodity prices.”
 
“The forecast for the Australian economy remained for growth to strengthen gradually,” the Reserve Bank of Australia said Tuesday in minutes of its Nov. 3 meeting. In assessing the outlook for monetary policy, the minutes reiterated a dual narrative the RBA has employed of late: prospects for an improvement of economic conditions have firmed while a low inflation outlook could provide some scope for further easing if needed.
 
Aussie is currently being traded around 0.7080 area. Pair is likely to find support around 0.7050 handle and resistance above 0.7130 level. Later today, in the US session, CPI and Industrial Production figures are scheduled for a release.
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