The Reserve Bank of Australia has signalled it is in no rush to cut interest rates again as it kept the official cash rate on hold at a record low 1.75 per cent in June. In a statement that followed the RBA governor Glenn Stevens said that “holding the stance of policy unchanged at this meeting would be consistent with sustainable growth in the economy and inflation returning to target over time”.
Today’s statement draws a (cautiously) more optimistic picture. The issue confronting the RBA is much weaker-than-expected inflation. A weaker Australian dollar would help shift the adjustment to lower commodity prices from the domestic economy to the external sector.
That said, the Australian economy continues to develop in a promising manner. Unchanged interest rate levels are consistent with sustainable growth and a return to the inflation target. That does not sound as if the RBA will cut rates further. As a result AUD-USD appreciated and breached the 0.74 mark.
However, the RBA once again pointed out that AUD appreciation may complicate the adjustment processes of the economy. So if the AUD continues to appreciate the RBA may well think about a rate cut again.
Published: 2016-06-07 15:51:00 UTC+00
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