Reserve Bank of Australia announces no change to rates, as expected by everyone
Full text of the accompanying statement is here:
Statement by Glenn Stevens, Governor: Monetary Policy Decision
Major headlines from the statement (quick headlines via Reuters):
- Says lower Australian dollar needed ... "Further depreciation seems both likely and necessary"
- Judged policy appropriate for time being
- Says inflation consistent with target
- Says public spending seen subdued
- Economy growing below long term average
- A key drag on private demand is weak business capex
- Monetary policy needs to be accommodative
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A clear easing bias expressed in this accompanying statement
AUD spiking higher after the announcement - there is still resistance around 0.7670:
