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RBA left interest rates unchanged

Tuesday, Oct 04 2016

The Reserve Bank of Australia held the cash rate steady as expected at a record low 1.50%, but cited the strong Australian dollar as a concern, as new Governor Philip Lowe released the first decision of his term. Low interest rates have been supporting domestic demand and the lower exchange rate since 2013 has been helping the traded sector.

Financial institutions are in a position to lend for worthwhile purposes. These factors are all assisting the economy to make the necessary economic adjustments, though an appreciating exchange rate could complicate this. Taking account of the available information, and having eased monetary policy at its May and August meetings, the Board judged that holding the stance of policy unchanged at this meeting would be consistent with sustainable growth in the economy and achieving the inflation target over time.

 

Aussie is currently being traded around 0.7660 level. Pair is likely to find support around 0.7630 area and resistance near 0.77 handle.

More in this category: « Australian Building Approvals decreased less than expected Number of unemployed in Spain registerd by 22,800 »

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