The monetary policy board kept the cash rate unchanged at 2.50%. The rate has been at the current level since
The board assessed that the monetary policy is appropriately configured to support sustainable growth in demand and inflation outcomes consistent with the target. The bank estimates inflation to be consistent with the 2-3% target over the next two years.
Meanwhile, a report from the
Data from the
The results of a survey by
The Australian dollar recovered to a 1-1/2-month high of 1.0194 against the Canadian dollar, from an early low of 1.0166. If the aussie extends its gain, it may find resistance at the 1.02 level.
Against the US dollar and the euro, the aussie bounced back to 5-day highs of 0.9342 and 1.4364 from early lows 0.9315 and 1.4402, respectively. At yesterday's close, the aussie was trading at 0.9331 against the greenback and 1.4376 against the euro. If the aussie extends its uptrend, it is likely to find resistance around 0.94 against the greenback and 1.42 against the euro.
The Australian dollar recovered to a 4-day high of 95.77 against the yen, from an early low of 95.54. The pair was quoted at 95.71 at yesterday's close. The aussie may test resistance near the 96.00 area.
The service sector in
The Australian dollar, which closed yesterday's deals at 1.0945 against the NZ dollar, edged up to 1.0958. This may be compared to an early low of 1.0938. The next possible upside target for the aussie-kiwi pair lies around the 1.10 zone.
Looking ahead, PMIs from major European economies for July and Eurozone retail sales for June are due in the European session.
Most Popular Stories
- Steve Ballmer Files Six-Figure Counterclaim vs. Steve Gordon
- Creepers! Microsoft Buys 'Minecraft' Maker for $2.5 Billion
- Back to School, Even in Immigration Jail
- Hispanic Buying Power Slow but Growing in South
- When to Say No to Investors, Yes to Mentors
- Apple: Record iPhones 6 Orders on 1st Day
- U.S. Factory Output Slowed 0.4 Percent in August
- Is a Mayweather, Pacquiao Big-Money Fight Possible?
- Clinton: 'Fabulous to Be Back' in Iowa
- DOJ Launches Program to Thwart U.S. Extremists