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RBA left interest rates unchanged

Tuesday, Feb 02 2016
The Reserve Bank of Australia held its cash rate at a record low 2% Tuesday as expected on Tuesday, signalling scope for easier policy if future economic data warrants such a move. In a statement, the RBA said the Australian economy was getting better. “The expansion in the non-mining parts of the economy strengthened during 2015… Surveys of business conditions moved to above average levels, employment growth picked up and the unemployment rate declined in the second half of the year, even though measured GDP growth was below average.”
 The Australian dollar, which the RBA said last year was overvalued, “has continued its adjustment to the evolving economic outlook.” RBA governor Glenn Stevens took note of solid domestic economic momentum despite recent global financial market volatility. "New information should allow the Board to judge whether the recent improvement in labor market conditions is continuing and whether the recent financial turbulence portends weaker global and domestic demand," he said in a statement after the RBA's monthly board meeting.
 
Aussie is currently being traded around 0.7070 area. Pair is likely to find support around 0.7040 handle and resistance above 0.7130 level. There will be no major data releases in the rest of the session.
More in this category: « ISM Manufacturing PMI little changed in January German unemployment at a record low »

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