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Aussie higher after RBA Meeting Minutes

Tuesday, Oct 18 2016
Aussie higher after RBA Meeting Minutes

The RBA meeting minutes released overnight highlighted the bank’s concern for the housing and labour markets whilst also pointing to the significance of the next inflation report. The minutes noted that updated forecasts would be available at the next meeting where the bank is to consider the economic outlook as well as assess past rate cuts. The bank will also review labour and housing market conditions at the next meeting. Referring to the housing and labour markets, the note that there remains considerable uncertainty in both.

The bank did, however, note that they see reasonable prospect of sustaining growth.  And growing jobs with Australia’s terms of trade forecast to rise again in 3Q. LNG ramp up is expected to boost GDP but not lead to many new jobs whilst a rise in future consumption is expected to mainly depend on household income. The bank noted that it is important to assess the degree of labour force utilization accurately. China growth was deemed to have stabilized in recent months though the build-up of debt in the country remains a cause for concern.

 

Aussie is currently being traded around 0.7670 level. Pair is likely to find support around 0.7630 area and resistance near 0.77 handle. 

More in this category: « US Industrial Production rose less than expected UK CPI increased by 1.0% »

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