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RBA minutes show their attitude remains staunch

Written by Sam Coxhead on September 20th, 2011.      0 comments

11:40 AM (AEST) The just released RBA monetary policy meeting minutes show that the banks attitude remains stanch and dislocated from where the interest rate market is pricing future cuts to the cash rate.

The RBA are content to coninue playing the wait and see game, while the market has priced in around 100pts of easing before the end of the year.

Since the release the AUD has rallied as investors with sold AUD positions scramble to cover their positions.

The mood in the offshore marlets was mixed with equities rallying back from their lows but still closing down around 1%. Meanwhile the credit rating agency S&P have downgraded Italy by one notch and placed them on negative watch. As the tensions in Greece are reaching breaking point investor fears may further shift towards the like of Spain and Italy and financial authroities in Europe are again under renewed pressure to try and stem the contagion.

The NZD has perfomed relatively well over the last 24hours as exiting of sold NZD bought AUD positions has been evident as the pair broke through resistance at .8050 (support 1.2422 AUD/NZD).

          Past 24 hours
  Current level Pre- RBA mins  % Chge RBA mins   Low  High
NZD/USD 0.8208 0.8212 -0.05%   0.8167 0.8342
AUD/USD 1.0237 1.0189 0.47%   1.0145 1.0299
NZD/AUD 0.8017 0.8057 -0.50%   0.8009 0.8084
AUD/NZD 1.2473 1.2412 0.50%   1.2370 1.2486
NZD/GBP 0.5235 0.5238 -0.06%   0.5217 0.5270
NZD/EUR 0.6017 0.6023 -0.10%   0.5988 0.6041
NZD/YEN 62.81 62.90 -0.14%   62.44 63.33
NZD/CAD 0.8130 0.8148 -0.22%   0.8101 0.8191