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No surprises in RBA release – TD Securities

FXStreet (Barcelona) - The Research Team at TD Securities note that there were no surprises in the release of the RBA Minutes from its 4th November meeting earlier this morning.

Key Quotes

“Expectations for the RBA to remain on hold for a considerable period of time remain, with the RBA repeating “…the most prudent course was likely to be a period of stability in interest rates”.

“Australian GDP was expected to be below trend over 2014/15 before picking up to above trend towards the end of 2016, whilst spare capacity and slow wages growth was likely to keep inflation consistent with the target despite the recent fall in the AUD.”

“The RBA reiterated that the AUD remains above most estimates of fundamental value, particularly given the decline in commodity prices, but the RBA did acknowledge that policy actions, such as those taken by the BoJ to ease policy on 31st Oct, would encourage investors to seek high yielding investments, that “could hold the Australian dollar at a level higher than economic fundamentals would imply”.

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