Aussie higher after RBA Monetary Policy Statement

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Friday, Feb 06 2015

Aussie was pushed higher this morning after RBA Monetary Policy Statement. In its statement RBA marked market pricing as a good, but not definitive. More importantly it eased the outlook for inflation while leaving clues to its next policy moves deliberately vague. The inflation view eased to 1.25% for headline CPI by June 2015 from an earlier range in November of 1.50% to 2.50% - and well below the mid-point aim of the 2% to 3% target.

As for the cash rate that was on cut on Tuesday to new historical low at 2,25% the forecasts assumed that the cash rate moves broadly in line with market pricing but the RBA cautioned that doing this "doesn't represent a commitment by the board to any particular path for policy." The last time the RBA used market pricing in its cash rate assumption forecast was in May 2011.

After the release Aussie was pushed higher and is currently being traded around 0.7840 area. Pair is likely to find support around 0.7780 and resistance near 0.79 handle. Later today, in the US session, NFP figures are scheduled for a release.

More in this category: « US Trade Balance deficit rose in December UK Trade Balance deficit rose to £10.2 billion »

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