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RBA minutes - April 02, 2013 meeting (Bloomberg)

Posted by Akhilesh Ganti on Apr 15, 2013 9:37:00 PM

According to the minutes of its' April 02 meeting, the Reserve Bank of Australia said inflation outlook allows room for rate cuts and currency policy stance is “appropriate”

  • High AUD$, fiscal tightening weighing on economy

  • Indicators suggest moderate growth in employment

  • Stronger housing conditions set to boost investment

  • RBA sees 2013 growth little below trend, inflation near target

  • Inflation forecast assumes productivity growth

  • RBA: slowdown in mining investment growth to weigh on economy

  • Effects of earlier rate cuts have ‘further to run’

  • Rate-sensitive parts of economy responding to cuts

  • Business investment outside resources remains subdued

  • Non-mining investment to pick up gradually in second half 2013

  • Sees global growth being close to average, risks in Europe

  • Reiterates AUD$ remains high despite fall in terms of trade

The market is pricing in a 34 percent chance that the RBA will cut their benchmark rates to a record 2.75 percent when they meet to discuss monetary policy on May 7, which is up from the 17 percent reading from a week ago. The AUD/USD is largely unchanged as it trades around 1.0327. 




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