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RBA Monetary Policy Meeting minutes show the RBA happy to wait for economic data

Written by Sam Coxhead on July 19th, 2011.      0 comments

11:45 AM (AEST) The just released RBA Meeting minutes show the RBA are happy to sit an assess the economic data comes to hand, in particular the inflation numbers due out within a month. They acknowledge slowing global growth, and Asian growth. Whilst the Unemployment rate remains at 4.9% they see employment growth as slowing and the very real threat of a credit event caused by the European debt issue as a risk to the outlook.
The AUD is slightly softer since the release but remains above significant support at 1.0680 against the USD. The economic data flow is not integral to the RBA view going forward. Again the NZD/AUD cross is dominating the move with the AUD selling against the buying of NZD pushing the slightly NZD higher across the board.
Elsewhere is markets, sideways trade has been seen for much of the last 24hours, with still not news of a deal on raising the debt limit in the US. Equities have been weaker around the global being led by financials who have seen heavy selling pressure.
          Past 24 hours
  Current level Pre- RBA Mins  % Chge RBA Mins   Low High
NZD/USD 0.8458 0.8448 0.12%   0.8406 0.8463
AUD/USD 1.0626 1.0643 -0.16%   1.0556 1.0651
NZD/AUD 0.7955 0.7938 0.21%   0.7926 0.7974
AUD/NZD 1.2571 1.2598 -0.21%   1.2541 1.2617
NZD/GBP 0.5260 0.5252 0.15%   0.5223 0.5269
NZD/EUR 0.5990 0.5981 0.15%   0.5972 0.6020
NZD/YEN 66.92 66.80 0.18%   66.49 66.89
NZD/CAD 0.8105 0.8096 0.11%   0.8047 0.8122