RBA Minutes: Did Not (Even) Entertain A 25bp Cut…

(AU) RBA released May 1st meeting minutes saying that members judged it to be desirable rate move below December levels, also indicated that they did not even entertain a 25bp cut. One of the main reasons given was to offset higher bank rates. Reiterated that growth outside of mining would be below trend and that EU situation continues to cloud the global outlook.


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I think it’s clear that the majority of analysts were dead WRONG during last RBA Meeting, only 14% of them predicted a 0.50% cut!  Now the truth is out, and we shall see more cuts from RBA in the future… With China’s FDI today coming out at -0.7% v 2.8%E(wow), and how desperate China wants to boost growth by cutting the RRR by 0.50% (and the fact that there was little or no reaction from the market) we will see further weakness in the AUD… so SELL on rally.

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