AUD traders heads up - Reserve Bank of Australia March minutes due at 0030 GMT

Author: Eamonn Sheridan | Category: Central Banks

For the minutes due today, by way of preview, some quick remarks via Australian banks on what to watch.

Note that attention on the RBA is light, the AUD is vulnerable to trade tariff developments

Westpac:

  • The March meeting took place before the Q4 national accounts which showed a lift in consumer spending.
  • Yet, any colour around the risks to the RBA's 3.25% 2018 growth forecast will be closely watched ... the March statement changed its Australian GDP growth forecast from "growth to pick up, to average a bit above 3 per cent over the next couple of years" to a seemingly less bullish "grow faster in 2018 than it did in 2017." 

NAB:

  • It's unlikely that this week's RBA communication will contain any surprises - the Bank has been consistently upbeat and confident in its "gradual progress" outlook. Although last week's weaker-than-expected GDP print followed the board meeting, it appears to have been expected by the Bank, given the comments from Governor Lowe the day before

ANZ:

  • No impact on the AUD from the RBA minutes, as they shouldn't add anything new
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