Separate report, on Trade Balance showed that in trend terms, the balance on goods and services was a deficit of $476m in December 2017, an increase of $313m on the deficit in November 2017. In seasonally adjusted terms, the balance on goods and services was a deficit of $1,358m in December 2017, a turnaround of $1,394m on the surplus in November 2017. In seasonally adjusted terms, goods and services credits rose $510m (2%) to $32,465m. Non-rural goods rose $719m (4%). In seasonally adjusted terms, goods and services debits rose $1,905m (6%) to $33,823m.
However, the focus of the session was on, RBA interest rate decison and the following statement. According to the the latest RBA statement the Board decided to leave the cash rate unchanged at 1.50 per cent. There was a broad-based pick-up in the global economy in 2017. A number of advanced economies are growing at an above-trend rate and unemployment rates are low. Growth has also picked up in the Asian economies, partly supported by increased international trade. The Chinese economy continues to grow solidly, with the authorities paying increased attention to the risks in the financial sector and the sustainability of growth.
There will be no major data releases both from Australia and USA tomorrow, so we can expect a bit steadier session.
