- 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.