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of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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Free Access**MNI POLICY: RBA Statement Errs On Positive Side
By Sophia Rodrigues
SYDNEY (MNI) - The Reserve Bank of Australia left the cash rate on hold at
1.5% Tuesday as expected by both the market and the economists. This was the
23rd straight meeting that the cash rate has been left on hold. The RBA last
moved the rate in August 2016 when it lowered by 25 basis points to 1.5%.
Following are the five key observations we made from the RBA's cash rate
statement:
--The overall statement errs slightly towards a positive tone as flagged by
MNI State of Play published Monday. Two key comments suggest this positive bias
-- the RBA estimating that the economy grew above trend in the first half of
2018, and the RBA noting that the fall in jobless rate to 5.3% is the lowest in
almost six years.
--There was no mention of local political risks and neither does the RBA
appear worried about the rise in mortgage rate announced by Westpac, the first
and only big four bank to do so. The RBA merely said that some lenders have
increased mortgage rates by small amounts but the average mortgage rate is still
lower than a year ago.
--The RBA acknowledged the recent depreciation in the Australian dollar
versus the U.S. dollar, noting most other currencies also fell against the U.S.
dollar. On a trade-weighted basis, the Australian dollar remains within the
range it has been in over the past two years, the RBA said.
--The RBA said business conditions are positive and non-mining business
investment is expected to increase. This is largely a statement of fact as the
Q2 capex data showed a fall in capex q/q but a significant rise in capex
intentions in the latest update.
--The commentary on the housing market was largely unchanged. Commentary on
China, global growth and inflation, and uncertainty stemming from the direction
of international trade policy in the U.S. were also unchanged.
--MNI Sydney Bureau; tel: +61 2-9716-5467; email: sophia.rodrigues@marketnews.com
[TOPICS: MMLRB$,M$A$$$,M$L$$$,MT$$$$]
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.