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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
- 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.