At the meeting, the Reserve Bank of
Despite recent higher readings, inflation is expected to be in line with the target of 2-3% over the next two years, the Board said.
The Board assessed that the current monetary policy was appropriately configured and remained accommodative and supportive of demand.
Meanwhile, the results of a survey by
The Australian dollar rose to a 9-month high of 1.1066 against the NZ dollar, from an early low of 1.0989. If the aussie extends its uptrend, it is likely to find resistance around the 1.12 area.
Against the US dollar and the euro, the aussie rallied to nearly 2-week highs of 0.9337 and 1.4305, from early lows of 0.9315 and 1.4338, respectively. The aussie may test resistance near 0.94 against the greenback and 1.41 against the euro. Moving away from an early low of 95.60 against the yen, the aussie advanced to a 2-week high of 95.77. Continuation of the bullish trend may lead the aussie to a resistance around the 96.18 mark.
Against the Canadian dollar, the aussie appreciated to a 5-day high of 1.0169 from an early low of 1.0147. On the upside, 1.02 is seen as next resistance level for the aussie.
Looking ahead, final
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