Stevens said that further rate cuts were unlikely given the risk it poses to high house prices. Policy must avoid build up of financial sector risk, he added.
Steven noted that slowly building formation for better non-mining economy and it is more prudent to try to avoid boom-bust cycle.
The currency fell around
Data from the
On Tuesday, policymakers of Reserve Bank of
The Australian dollar has recovered slightly after late Tuesday session's volatility and is currently at 0.9286 against the dollar, from an early near 2-week low of 0.9262. This may be compared to an early high of 0.9302. At yesterday's close, the aussie was trading at 0.9273 against the greenback. If the aussie extends its uptrend, it is likely to find resistance around the 0.93 area.
Against the yen, the aussie recovered to 97.67 from an early low of 97.45. This may be compared to an early 16-month high of 97.81. The aussie is likely to find resistance around the 97.82 area.
Data from Markit Economics showed that the services sector in
Moving away from an early 8-day low of 1.4171 against the euro, the aussie edged to 1.4136. This may be compared to an early high of 1.4112. At yesterday's close, the aussie was trading at 1.4156 against the euro. On the upside, 1.40 is seen as next resistance level for the aussie.
Against the Canadian dollar, the aussie edged up to 1.0152 from an early low of 1.0126. This may be compared to an early 6-day high of 1.0164. Continuation of bullish trend may lead the aussie to a resistance around the 1.017 mark.
Looking ahead, PMI reports from major European economies for August and Eurozone retail sales data for July are due to be released in the European session,. In the
The Bank of
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