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RBA holds the cash rate at 4.75% for the time being.

Written by Sam Coxhead on June 7th, 2011.      0 comments

3:20 PM (NZT) The Reserve Bank of Australia held the cash rate steady this afternoon as expected. They commented that the current policy settings were “appropriate”. They acknowledge that commodity prices are softening and employment growth will probably start to ease from here. They are certainly not being pre-emptive in their moving of rates higher even though their forecasts see the inflationary conditions prevailing.
 
The question will remain whether or not they will move at the next meeting July, or hold off to see if some of the pressure subsides. If inflationary pressures remain high, they quickly turn into reality.
 
The big mover has unsurprisingly been the NZD outperforming as this week’s dual central bank features  draws a lot of attention.
 
          Past 24 hours
  Current level Pre- RBA  % Chge since RBA   Low High
NZD/USD 0.8183 0.8168 0.18%   0.8131 0.8189
AUD/USD 1.0685 1.0744 -0.55%   1.0692 1.0768
NZD/AUD 0.7657 0.7603 0.71%   0.7584 0.7665
AUD/NZD 1.3060 1.3153 -0.71%   1.3046 1.3185
NZD/GBP 0.5005 0.4995 0.20%   0.4958 0.5005
NZD/EUR 0.5602 0.5590 0.21%   0.5563 0.5603
NZD/JPY 65.71 65.53 0.27%   65.01 65.75
NZD/CAD 0.8011 0.7999 0.15%   0.7968 0.8022
 
 

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