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Berita trading
7 May 2013
RBA cut rates to 2.75, lowest since records began in 1959
FXstreet.com (Barcelona) - The RBA just cut the cash rate to 2.75% or to the lowest level on record, with figure dating back to 1959. The central bank said the cut needs to encourage sustainable growth.
Only 8 out of 29 economists polled by Blommberg got the decision right this time around. As Greg McKenna, CEO at GlobalFX, notes: "Good move #RBA 25 bps cut noting low inflation and a high AUD."
The RBA added that it had decided to use some of its scope' to ease further, suggesting that more cuts may come.
From the RBA: "The Board has previously noted that the inflation outlook would afford scope to ease further, should that be necessary to support demand. At today's meeting the Board decided to use some of that scope. It judged that a further decline in the cash rate was appropriate to encourage sustainable growth in the economy, consistent with achieving the inflation target."
On the exchange rate, the RBA said: "exchange rate strength remains unusual", which according to David Scutt, Treasury Dealer at Arab Bank Australia, "is much better tone from the Board."
The RBA stated: "The exchange rate, on the other hand, has been little changed at a historically high level over the past 18 months, which is unusual given the decline in export prices and interest rates during that time. Moreover, the demand for credit remains, at this point, relatively subdued."
Only 8 out of 29 economists polled by Blommberg got the decision right this time around. As Greg McKenna, CEO at GlobalFX, notes: "Good move #RBA 25 bps cut noting low inflation and a high AUD."
The RBA added that it had decided to use some of its scope' to ease further, suggesting that more cuts may come.
From the RBA: "The Board has previously noted that the inflation outlook would afford scope to ease further, should that be necessary to support demand. At today's meeting the Board decided to use some of that scope. It judged that a further decline in the cash rate was appropriate to encourage sustainable growth in the economy, consistent with achieving the inflation target."
On the exchange rate, the RBA said: "exchange rate strength remains unusual", which according to David Scutt, Treasury Dealer at Arab Bank Australia, "is much better tone from the Board."
The RBA stated: "The exchange rate, on the other hand, has been little changed at a historically high level over the past 18 months, which is unusual given the decline in export prices and interest rates during that time. Moreover, the demand for credit remains, at this point, relatively subdued."