The RBA statement offered little fresh.......>

AUSSIE: The RBA statement offered little fresh insight into the Bank's view

regarding the domestic economy, as it left the cash rate unchanged at 1.5%.

Global inflationary pressures via higher oil prices, wage growth and the U.S.

fiscal stimulus programme were noted in the opening paragraph.

- The RBA acknowledged the recent developments re: the domestic labour market

and GDP data, but the central language around the matters were little changed.

The RBA noted that wage growth has picked up a little.

- The steady central view in spite of the recent positive developments re: the

labour market & GDP has seemingly disappointed bulls with AUD/USD now easing to

session lows of $0.7711 last, after a brief ~5 pip blip higher on the initial

release.

- Any break below the $0.7200 level would bring the YTD low ($0.7085) back into

play. Bulls need a close above the 50-DMA at ($0.7286) to improve the short-term

outlook and extend the recovery.

- AU interest now turns to retail sales and trade data due later this week, as

well as an address from RBA's Heath.