The monthly RBA meeting happens on the first Tuesday of every month and a Reuter’s poll of 18 economists returned a unanimous verdict, there will be no rate cut this time around. Some of the recent domestic data suggests that the next rate cut might be brought forward but the statement by Glenn Stevens at the Credit Suisse investment conference in HK recently, showed that he remains quite bullish on Australian economic prospects. Verdict: No rate cut but language may ‘ease’ in statement.
Elsewhere the interest will be focussed on USD/JPY, which showed off it’s new found volatility again overnight. Sovereign buyers and ‘stealth intervention’ have been reported below 82.00.
Good luck today.
