FXStreet (Bali) - This morning’s RBA minutes confirmed a conditional easing bias and the need to keep watching data, notes Michael Every, Head of Financial Markets Research Asia-Pacific.
Key Quotes
This morning’s RBA minutes confirmed a conditional easing bias and the need to keep watching data, but did see some interesting additions. For once the view was realistic in that “the outlook for the Asian region, particularly China, remained one of the key uncertainties in forecasting global growth.”
Moreover, alongside the perennial expectation that current conditions were “expected to lead to a pick-up in non-mining business investment in the second half of the forecast period,” they also added “However, there remained considerable uncertainty surrounding the strength and timing of this recovery.”
Perhaps the fact that ‘new normal’ Aussie business investment does not pick up even when the exchange rate and interest rates fall is filtering through?
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