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RBA delivered nothing new

Tuesday, Nov 15 2016
RBA delivered nothing new

The domestic economy appeared to have continued growing at a moderate pace in the September quarter and the transition of activity from the mining sector to non-mining sector of the economy had continued, RBA note din its latest Meeting Minutes. Low interest rates had been supporting domestic demand and the lower exchange rate since 2013 had been helping the traded sector. These factors were continuing to assist the economy to make the necessary adjustments, although it was noted that an appreciating exchange rate could complicate this adjustment.

GDP growth in year-ended terms was expected to be close to estimates of potential growth over the next few quarters and then to rise to be a little above potential growth thereafter. The unemployment rate had declined over the previous year and was expected to continue to edge lower over the forecast period. Considerable uncertainty remained about the strength of labour market conditions and the implications for labour cost growth. Underlying inflation had remained low in the September quarter, much as had been expected, and was expected to pick up gradually over the forecast period.

 

Aussie is currently being traded around 0.7570 level. Pair is likely is to find support around 0.75 handle and resistance above 0.76 area.

More in this category: « Eurozone Industrial Production down by 0.8% German GDP grew by 0.2% in Q3 »

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