fxpulsation
Posts : 8759
Join date : 2012-01-25
 |  Subject: Aud Review  Tue Sep 04, 2012 11:03 am | |
| Aud Review AUD: RBA left the OCR at 3.50% and judged that, with inflation expected to be consistent with the target and growth close to trend, but with a more subdued international outlook than was the case a few months ago, the stance of monetary policy remained appropriate. The RBA highlighted that the previous rate cuts are still working through the economy, but the exchange rate remained higher than might have been expected. -Also out overnight, the current account deficit was better than expected in Q2, narrowing to AUD11.8bn. However, the contribution to GDP from net exports was smaller than expected (0.3ppt, cons: 0.6ppt). We are leaving our Q2 GDP forecasts at 0.8% (overnight tonight). Fortescue Metals announced a cut to capex plans from USD6.2bn to USD4.6bn due to the decline in iron ore prices. More FOREX-news on pages InstaForex.Com  | |
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