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AUSSIE: AUD has turned bid in the wake of the latest RBA MonPol decision, as the
Bank failed to allude to a more neutral view on MonPol as it left the cash rate
- The bank trimmed its GDP forecast to 3.0% for 2019 (prev. 3.25%) and a little
below that level in 2020, which will be formalised in Friday's SoMP. The Bank
also noted that some downside risks to the economy have increased, highlighting
uncertainty around domestic consumption owing to lower house prices. The Bank
now looks for 2.0% underlying inflation in 2019, rising to 2.25% next year.
- The Bank noted that the labour market remains strong, with a continued focus
on the 4.75% unemployment rate. The Bank expects a tightening labour market to
lift wages over time, albeit gradually.
- The Bank also tipped its hat to slowing demand for owner-occupier housing
credit, and a period of adjustment in Melbourne & Sydney house prices.
- AUD/USD last 20 pips or so higher on the day at $0.7250, just shy of
yesterday's high, with bulls ultimately eying the 200-DMA at $0.7289.

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