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RBA minutes scheduled and coming up - Westpac

FXStreet (Barcelona) - Sean Callow, analyst at Westpac Banking Corporation ABN explains the day ahead.

Key Quotes:

“The minutes of the RBA Board’s 7 October meeting are due at 11:30am Syd/8:30am Sing/HK”.

“There was only a mild response to the statement on the day, which offered little guidance on the hot topic of investor activity in housing”.

“The Sep minutes had a lot of comment on housing but this was within the summary of a semi-annual briefing on financial stability”.

“Discussion of the labour market will be limited by the timing of the meeting – the day before the ABS’s shock announcement that it would make massive revisions to headline jobs data”.

“The Oct statement described AUD as “high by historical standards, particularly given the further declines in key commodity prices”, an apparent downgrade in concern from Sep’s “above most estimates of its fundamental value”. But last week Guy Debelle emphasized that AUD is “still higher than most conventional estimates of fundamentals would indicate” There is probably more chance of AUD response to the speech by RBA Deputy Governor Philip Lowe, titled “Investing in a Low Interest Rate World” in the Sydney evening (7:55pm Syd/4:55pm Sing/HK). Any Q&A on rate cut chatter would be of particular interest”.

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