Focus of the yesterday's session was on RBA interest rate decision and the following statement. The Reserve Bank of Australia on Tuesday held its benchmark cash rate at 1.50% as expected, signaling it is watching the housing market closely and that a higher Australian dollar is restraining price pressures. RBA governor Philip Lowe said the board expects the current low rate of inflation to gradually lift as economic growth improves. 'Inflation remains low, with both CPI and underlying inflation running a little below two per cent,' he said in a statement on Tuesday. 'In underlying terms, inflation is likely to remain low for some time, reflecting the slow growth in labour costs and increased competitive pressures, especially in retailing.'
In the U.S. session job openings data was released. On the last business day of September, there were 6.1 million job openings, little changed from August. Job openings have been at or near record high levels since June. The job openings rate was 4.0 percent in September. The number of job openings was little changed for total private and for government. Job openings increased in professional and business services (+156,000), other services (+52,000), state and local government education (+36,000), and federal government (+15,000).
There will be no major data releases both from Australia and USA tomorrow, so we can expect a bit steadier session.
