Stable Rate Outlook in RBA Minutes Pressures Aussie
September 16, 2014 Guest post by Jay Hawk at Orbex.
The RBA released the minutes for its September 2nd monetary policy meeting earlier today. The central bank reiterated its neutral position on keeping the benchmark Cash Rate at its current level of 2.5%, where it has been for the last twelve months.
The Aussie reacted negatively to the minutes, with the AUD/USD rate initially declining after the release before then falling into a 0.8995-0.9010 trading range. The minutes were on the dovish side, with members still concerned the exchange rate remains too high.