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Startup Growing Managing Franchising Trends Entrepreneur Marketing Finance Technology Resources Executive Style Compare & Save Credit Cards Debit Cards Home Loans Personal Loans Car Loans Term Deposits Bank Accounts Saving Accounts Events US debt-ceiling You are here: Home BusinessDay The Economy Article Dollar course important for rates: RBA The Economy Date August 20, 2013 (0) Read later Tweet Pin It submit to reddit Email article Print Reprints & permissions The RBA has left room for a cut in the future. Photo: Sze Kai Chen The Australian dollar’s direction will be important in setting monetary policy,[url=http://www.fieg.it/Scripts/salastampa_gailleria.asp]moncler uomo[/url], the Reserve Bank says, as it signals further interest-rate cuts remain a possibility. ‘‘Regarding the communication of this decision, members agreed that the bank should neither close off the possibility of reducing rates further, nor signal an imminent intention to reduce rates further,’’ the Reserve Bank of Australia said in minutes of its August board meeting which it released today. ‘‘The course of the exchange rate would be important’’ in setting policy, it said. The Australian dollar dropped on the minutes, falling half a cent to 90.7 US cents. The currency dropped a cent overnight,[url=http://www.nothingbuttruth.com/canadagoosejackets.html]canada goose jackets[/url], as commodity prices fell. It’s lost 11 per cent in the past six months, the worst performer among group of 10 currencies. Advertisement The RBA had retained its easing bias,[url=http://www.fieg.it/Moncler_Prezzi.asp]Moncler Prezzi[/url], ANZ economist Ivan Colhoun said. "However, that the Bank discussed closing off the possibility of easing rates further is significant. The same can be said for its assessment that it should avoid signalling an imminent easing," Mr Colhoun said. "In our view, both statements reduce the prospect of a near-term follow up to the interest rate cut of August." The RBA is aiming to rebalance the economy from mining regions in the west, where an investment boom is waning, towards industries including residential construction on the east coast. ‘‘With growth expected to remain below trend for longer and inflation to remain within the target even with the effects of a lower exchange rate, members concluded that a lower level of the cash rate would better contribute to achieving sustainable growth in demand consistent with the inflation target,’’ the RBA said in the minutes. ‘‘The board would continue to examine the data over the months ahead to judge whether monetary policy was appropriately configured.’’ The RBA this month reduced its growth forecast to 2.25 per cent in the year to December 2013, compared with 2.5 per cent forecast three months earlier. The unemployment rate held at an almost four-year high of 5.7 per cent in July as fewer people sought work,[url=http://www.ucons.com/cheap-canada-goose-jackets.html]canada goose jackets[/url], government data showed August 8. ‘‘Employment growth was continuing, but at a pace below the rate of growth of the labor force,’’ the minutes said. ‘‘Wages growth was slowing.’’ Even so, there are signs that the central bank’s almost two-year easing cycle is impacting areas of the economy. House prices climbed by the most in more than three years in the second quarter and consumer confidence rose 3.5 per cent this month after the RBA’s latest rate cut. ‘‘Borrowing for housing had picked up,[url=http://www.fieg.it/Piumini_Moncler.asp]Piumini Moncler[/url], as had dwelling prices,[url=http://www.ucons.com/Moncler_Outlet.html]Moncler Outlet[/url], and there had been an increase in leading indicators of dwelling construction, but to date this had been moderate rather than strong,[url=http://www.bowlingdelights.com/Canada_Goose_Jakke.html]Canada Goose Jakke[/url],’’ the central bank said in the minutes. While Australia’s terms of trade,[url=http://www.fieg.it/moncler_uomo.asp]moncler uomo[/url], a ratio of export prices to import prices, peaked in 2011, industry has been squeezed by a currency that held above $US1 from mid-June last year to May 9,[url=http://www.doctorreef.com/canadagoosejackets.html]canada goose jackets[/url], the longest stretch above parity with the US dollar since the Aussie was freely floated in 1983. The currency ‘‘had declined since the previous meeting, though remained high by historical standards,’’ the minutes showed. ‘‘It was possible the exchange rate would decline further over time, which would assist in rebalancing growth in the economy, though it would also be affected by developments in other countries.’’ The Australian dollar has depreciated as China’s outlook darkened and Federal Reserve chairman Ben Bernanke signalled for the first time May 22 that a tapering of bond purchases that devalued the greenback may be on the cards. The minutes showed board members were briefed on staff forecasts for global growth: ‘‘Aggregate growth of Australia’s major trading partners - including China - was expected to be a bit below its decade average in 2013 before picking up somewhat in the following year.’’ Traders are pricing in about a 15 per cent chance the RBA will lower borrowing costs by a quarter percentage point to a fresh record 2.25 per cent next month, according to interest-rate swaps data. Bloomberg,[url=http://www.fieg.it/osservatorio_argiomenti_testi.asp]moncler sito ufficiale[/url], with BusinessDay
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