• Saw domestic economy offsetting fragile global outlook.
  • 2 qtr. trade terms seen weaker, still at high level .
  • Saw large stock of work in resource investment pipeline .
  • SNB May-July FX buying included some conversion into A$.
  • Says EU faces substantial challenges, economic adjustment.
  • Saw overseas demand for Aussie sovereign debt boosting A$.
  • Saw risk of Europe crisis still weighing on sentiment.
  • Weaker demand growth eased inflation pressure across Asia .
  • Job growth near term expected to stay ‘relatively modest’.
  • Saw China economy ‘stabilizing at a more sustainable pace’.
  • Inflation within target medium term, mid-range late 2013.
  • Saw ‘more cautious approach’ on mining investment plans.
  • Saw domestic growth outweighing global slump in rate pause.

AUD/USD testing higher levels at 1.0475/80, first line of resistance.