16 Jul 2013
Flash: RBA minute ahead, won't learn much new - NAB
FXstreet.com (Barcelona) - Ahead of the minutes of the July RBA meeting due out at 1.30GMT today, as NAB Strategist note, "Markets will parse the minutes closely for clues as to just how close the Board came to deciding on a rate change."
NAB reminds us on the last RBA policy meeting outcome by saying: "The June post-meeting statement affirmed that the central bank retains an easing bias, and also expressed the expectations/hope that the exchange rate had further to fall in the context of the falling terms of trade. Mr Stevens’ reported comment about the Board deliberating ‘for a very long time’ before deciding to keep rates unchanged this month was confirmed to have been ‘light hearted’ by deputy governor Phil Lowe the following day."
The conclusion reached by NAB Strategists is that "we won’t learn a lot more than we know already, but some form of market reaction is nevertheless to be expected with markets now attaching odds of near 70% to an August 25-point cut."
NAB reminds us on the last RBA policy meeting outcome by saying: "The June post-meeting statement affirmed that the central bank retains an easing bias, and also expressed the expectations/hope that the exchange rate had further to fall in the context of the falling terms of trade. Mr Stevens’ reported comment about the Board deliberating ‘for a very long time’ before deciding to keep rates unchanged this month was confirmed to have been ‘light hearted’ by deputy governor Phil Lowe the following day."
The conclusion reached by NAB Strategists is that "we won’t learn a lot more than we know already, but some form of market reaction is nevertheless to be expected with markets now attaching odds of near 70% to an August 25-point cut."