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The RBA leave the cash rate unchanged as expected.

Written by Sam Coxhead on July 3rd, 2012.      0 comments

4:55 PM (NZT) The RBA just left the cash rate unchanged at 3.50% as expected. It seems like they will take a wait and see approach to the data, and see how the landscape plays out in Europe. They are comfortable with the current inflation forecasts. Ahead of the number the market has anticipated up to another 75pts of easing to the cash rate by the end of 2012, and this is broadly unchanged.  
 
In offshore markets the euphoria seen following the EU summit last week has subsided somewhat. The US dollar remains under a little pressure as much weaker than expected US manufacturing numbers overnight have given those looking for further FED QE, a little more energy.
 
Finnish opposition to security free loans to nations requiring support funding is stirring the EU pot. Expect more energetic debate of the finer details of the European Memorandum of Understanding that emerged from last week’s summit.
 
The ECB and BOE monetary policy decisions to come on Thursday will ensure that the markets remain attentive ahead of the US employment numbers on Friday.
 
          Past 24 hours
  Current level Pre-RBA  % Chge since RBA   Low High
NZD/USD 0.8042 0.8051 -0.11%   0.8009 0.8057
AUD/USD 1.0260 1.0277 -0.17%   1.0223 1.0278
NZD/AUD 0.7838 0.7835 0.04%   0.7828 0.7846
AUD/NZD 1.2758 1.2763 -0.04%   1.2745 1.2775
NZD/GBP 0.5123 0.5127 -0.08%   0.5111 0.5133
NZD/EUR 0.6385 0.6387 -0.03%   0.6345 0.6397
NZD/YEN 64.10 64.23 -0.20%   63.64 64.27
NZD/CAD 0.8170 0.8173 -0.04%   0.8156 0.8185
Topics: Australian monetary policy, RBA
 

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