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RBA leaves the cash rate unchanged at 4.75%

Written by Sam Coxhead on July 5th, 2011.      0 comments

2:45 PM (AEST) This afternoon the Reserve Bank of Australia left the cash rate unchanged at 4.75% as expected.

The RBA Monetary Policy Committee look poised to hold the cash rate unchanged in the short term, and possibly for the remainder of the year as pricing pressure may subside with the softening in global commodity prices. In their statement thei acknowledged a slowing in employment growth outside of the mining sector and slower 2nd quarter global growth.

The AUD has been generally heavy through the day, not helped by a Moody's report that the Chinese Banking sector could be in for a downgrade due to exposure to massive local Govt debt. The China Daily also reported suggestions that the Chinese Bank Reserve Ratios would once again be lifted this weekend in another attempt to slow inflationary pressures.

With the European Central Bank poised to lift rates at their meeting this week, we may see the closing of the interest rate differentials start to undermine the AUD. The NZD/AUD is already shown solid signs of recovery and looks like threatening further resistance levels to the topside.  Of interest for the remainder of the week will be the AUD/EUR and see whether or not the EUR will take back any of the ground lost over the reign of the previously rampant AUD.

          Past 24 hours
  Current level Pre- RBA  % Chge since RBA   Low  High
NZD/USD 0.8286 0.8290 -0.05%   0.8266 0.8330
AUD/USD 1.0676 1.0702 -0.24%   1.0683 1.0767
NZD/AUD 0.7762 0.7746 0.21%   0.7714 0.7753
AUD/NZD 1.2883 1.2910 -0.21%   1.2898 1.2963
NZD/GBP 0.5167 0.5165 0.04%   0.5142 0.5177
NZD/EUR 0.5725 0.5724 0.02%   0.5700 0.5728
NZD/YEN 67.17 67.15 0.03%   66.83 67.25
NZD/CAD 0.7967 0.7968 -0.01%   0.7949 0.8003