I've posted up a couple of previews of the RBA Minutes due today already:
- RBA August meeting Minutes today - preview of what to look for
- RBA August Minutes due today - preview from NAB
More, this time from RBS (bolding mine):
- The Reserve Bank of Australia (RBA) .... August decision ... left rates unchanged but altered its language on the currency
- Removing a phrase that previously said a fall in the currency was both likely and necessary
- The RBA already released its quarterly Statement on Monetary Policy in August, meaning many of the core conclusions that the RBA came to in August have already been detailed in the Statement
- But the July meeting minutes did provide a hint that the RBA was concerned that the exchange rate channel was not having as clear of a positive impact as suspected
- The members noted that FX rate had "thus far offered less assistance than would normally be expected in achieving balanced growth in the economy."
- On the economy, we think the minutes will largely reflect the latest SoMP, where the RBA pointed to a stronger than assumed domestic picture but highlighted the risks to the global outlook are "broadly balanced", with risks in China "tilted to the downside."
