The Reserve Bank of Australia seems to have been been optimistic on the economic outlook both domestically and abroad when it left interest rates unchanged at its July policy meeting. However it still sees scope for further easing should an expected recovery not occur.
The minutes showed monetary and fiscal policies had worked to support household demand and confidence. They also said, the full effect of these measures would still be coming through for sometime and a gradual recovery would begin later in the year.
AUDUSD sees a spike of 15 pips on the back of the optimism.
