Minutes of the RBA August monetary policy Board meeting
- Accommodative policy setting remained appropriate
- Economy adjusting to shift in activity in the resources sector, lower AUD assisting
- Economic activity had generally been more positive over recent months
- USD could appreciate further versus AUD and other Asian currencies when Federal Reserve hikes rates
- Inflation expected to remain consistent with target over forecast period
- Very low interest rates supporting strong growth in housing investment, consumption
- Forward looking data pointed to further strength in housing investment
- Recent measures to curb lending to investors should reduce risks to housing market
- Would review coming data to judge if rates remain appropriate
- China's response to recent stock market volatility had clouded Chinese economic outlook
Quick headlines via Reuters
Full text: Minutes of the August 2015 Monetary Policy Meeting of the Reserve Bank Board
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Well ... nothing much to surprise here ... pretty much a reiteration of the post-meeting Statement and points covered in the SoMP
The bank has certainly stopped jawboning the AUD lower ... they note an obvious point that AUD/USD should fall when the Fed hikes (we'll see about that, won't we ... could be a 'buy the fact' if it happens in September).
AUD did very little, dropped a few points, and straight back up again as I update.
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Previews are here:
- RBA August meeting Minutes today - preview of what to look for
- RBA August Minutes due today - preview from NAB
- RBA August Minutes due today - preview from RBS