***RBA March meeting Minutes due up in ~15......>

RBA: ***RBA March meeting Minutes due up in ~15 mins time. Here are some themes

we will be looking out for (MNI - See Main Wire At 23:13 GMT 03/19).

- Ahead of the meeting, global trade tension was the dominant fear among

markets. It is likely that this was discussed at the meeting.

- Outlook for domestic growth after the RBA said the central forecast is for the

Australian economy to grow faster in 2018 than it did in 2017. That statement

indicated some downgrade in growth outlook.

- Discussion around wage growth given Q4 wage price data outcome was slightly

better than exp. but didn't change the RBA's view.

- Markets currently price a ~40% chance of a hike by end '18. The AU-/US 10-Year

spread has operated in -ve territory in recent weeks, with price action

suggesting that the market has no issue with the AU yield discount.

- The AUD has been under pressure although fresh '18 AUDUSD lows have lacked

follow through. Bulls now need a close > 0.7736 to gain breathing room. While

0.7736 caps bears remain focused on tests of 0.7572-80 where Dec lows & the bull

channel base off '16 lows are situated.