Preview of the Reserve Bank of Australia December monetary policy meeting Minutes
- Due at 0030GMT
The December meeting resulted in no change to the cash rate, and some minor but notable changes to the accompanying statement.
The changes in the statement I thought noteworthy can be summarized:
- It noted even weaker demand for commodities
- Large mining capex falls got another explicit mention
- There were no change to the commentary on the Australian dollar
The statement itself was fairly neutral overall, and was read as a bit of a green light for the AUD. The Minutes should provide more clarity. I doubt the RBA will want the AUD gaining too much more, but its no secret they are expecting the Fed rate hike to push AUD/USD down and maybe a little complacency has seeped in.
Regardless of all my blather on the AUD though, its barely changed from the time of the RBA December meeting announcement.
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More on the AUD here from Greg: Forex technical analysis: AUDUSD backs off against 200 hour MA and retracement level
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Also due from Australia today, the mid-year budget review, more to come on this
