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RBA repeated that easing of policy is possible if needed

Tuesday, Apr 19 2016
The Aussie held gains on Tuesday even after minutes from the central bank repeated scope for easing is possible if needed. The report went on to say that RBA governor Glenn Stevens noted in his statement after this month’s board meeting that a higher Australian dollar was a complicating factor for Australia’s economic recovery and “complicate the adjustment under way in the economy”.
Upon reading the minutes it seems that faced with the possible complication from a stronger exchange rate against the reality of a jobs market which is “noticeably stronger than a year ago”, and liaison which reported retail trading conditions are “generally favorable”, the RBA board has come down on the side of actual conditions facing the economy rather than possible ones.
 
Aussie is currently being traded around 0.7770 area. Pair is likely to find support around 0.77 handle and resistance above 0.78 level. Later today, in the US session, Building Permits and Housing Starts figures are scheduled for a release.
More in this category: « NAHB Housing Market Index at a level of 58 ZEW Economic Sentiment rose more than expected »

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