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RBA minutes showed stable outlook for interest rates

Tuesday, Sep 20 2016

Interest rates are likely to remain on hold in the foreseeable future, with the Reserve Bank of Australia flagging that growth remains in line with expectations, and the RBA remains unperturbed by the housing market. The RBA left interest rates on hold at an historic low of 1.5 per cent earlier in September. The minutes released today said business investment had fallen further in the June quarter, driven by a decline in mining investment, in line with earlier expectation.

"Taking into account the recent data, and having eased monetary policy at its May and August meetings, the Board judged the current stance of monetary policy was consistent with sustainable growth in the Australian economy and achieving the inflation target over time," the Board said in its minutes. The Reserve Bank has an inflation target of between 2 to 3 per cent, and the rate cuts in May and August were prompted by weak inflation figures in the March and June quarters.

 

Aussie is currently being traded around 0.7540 level. Pair is likely to find support around 0.75 handle and resistance above 0.7580 area.

More in this category: « NAHB Housing Market Index rose more than expected Australian HPI rose 2.0% »

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