AUD barely off its session low following the RBA minutes earlier on Tuesday
The post on the minutes is here: RBA minutes: AUD is at lower end of recent range
They were read as dovish, perhaps more so than the market was expecting. The ozzn Australian dollar dropped away to a new low 9comared with its overnight rnage) and has not managed much of a bounce at all.
Reuters have a few comments from CBA on the minutes:
On the RBA saying a case for a cut at the Nov. meeting could have been made, but the Board decided more time was needed to assess the impact of the 3 cuts already so far in 2019, CBA say:
- "We view this new information and its inclusion in today's Minutes as a dovish tilt"
- "It appears that the 'on hold' decision was not made lightly."
In the post linked above I highlighted the RBA concerns that further cuts could damagae confidence further. Says CBA:
- "To us, this means that it is unlikely the RBA will cut the cash rate again in December. But with little progress in achieving full employment expected to be made by early next year, we expect another rate cut in February."