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AUSSIE: No lasting reaction in the AUD crosses post-RBA, with limited to no
initial reaction, as the Bank left rates unchanged as was universally expected.
- The decision which saw the Bank modestly upgrade its GDP growth forecast for
'18 & '19, while it trimmed its longer run unemp projection to 4.75% following
the latest labour mkt report.
- The fact that the first and final paragraphs in the statement remained
unchanged is the key, the uptick in GDP estimates & lower unemployment forecast
are seemingly negated by the CPI/wage outlook, with inflation to "be a bit
higher" than 2.25% in 2020 (most recent SoMP has it earmarked at 2.25%, could be
deemed hawkish but the fact that it refers to a "bit" shows any tweaks in
Friday's are likely to be gradual), and wage growth still seen as gradual.
- AUD/USD $0.7210 last, after a modest & ltd blip higher on the language re:
growth and unemployment.