Reserve Bank of Australia October monetary policy decision
Says a rising AUD would slow the economy
Higher AUD is restraining price pressures
Global economy continuing to improve
Growth expected to pick up gradually over coming years
House prices rising briskly in some markets
Slow growth in wages, high household debt likely to constrain growth and spending
Says employment has been stronger over recent months, forward looking indicators strong
Signs conditions are easing in Sydney house prices
Says expects gradual increase in underlying inflation
Says Australia's terms of trade expected to decline but remain high
AUD drops a few points
www.rba.gov.au/media...s/2017/mr-17-21.html
Says a rising AUD would slow the economy
Higher AUD is restraining price pressures
Global economy continuing to improve
Growth expected to pick up gradually over coming years
House prices rising briskly in some markets
Slow growth in wages, high household debt likely to constrain growth and spending
Says employment has been stronger over recent months, forward looking indicators strong
Signs conditions are easing in Sydney house prices
Says expects gradual increase in underlying inflation
Says Australia's terms of trade expected to decline but remain high
AUD drops a few points
www.rba.gov.au/media...s/2017/mr-17-21.html
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Australian Trade Balance (AUD) Aug: 989M (exp 850M; prev 460M)
Australia August Retail Sales: -0.6% m/m (vs. expected +0.3%)
Australia August Retail Sales: -0.6% m/m (vs. expected +0.3%)
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AUD drop , range consolidation
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The Australian dollar shrugged off the Reserve Bank of Australia’s monetary policy announcement to end the day unchanged against the greenback. AUD spiked lower initially when the RBA said a higher A$ is weighing on the outlook for output and employment and warned that growth and inflation may be slower than forecast if the currency keeps rising. However the currency recovered its losses quickly after the RBA said they still see solid employment growth ahead. The central bank still sees strength in the economy and that was clearly enough for AUD bulls. With this week’s greatest event risk behind it, AUD could now turn higher if service sector activity, the trade balance or retail sales surprises to the upside. Seven days have past without a rally in AUD/USD and with the currency pair ending the NY session at its highs, we could see a further recovery