Bloomberg highlight the following in the minutes:
- “Interest-sensitive parts of the economy continued to show signs of responding to these low rates
- and it was likely that this still had further to run,
- though the exchange rate remained high,”
- “The board’s assessment was that, while further reductions may be required, on the information currently to hand it was appropriate to hold rates steady, and to assess further developments.”
- “Forward-looking indicators such as building approvals pointed to further growth in construction in the months ahead,”
- “The increase in approvals had been geographically widespread
- the bank’s liaison with builders also suggested there had been an improvement in buyer interest in some states.
- Overall, recent housing market developments pointed to a further moderate increase in dwelling construction in the period ahead.”
Link to the full RBA March Minutes from here.
So far today the AUD has been very quiet. It has filled the gap from Friday’s New York close to Monday’s opening. It is quite bid on the small dips we have seen today.
