The RBA is not planning to cut the interest rates in the coming months as the pace of economic growth is acceptable and the central banks has recently cut the rates twice.
According to the currency strategists of ANZ Bank, the RBA took a break in order to evaluate the effect of the previous steps.
According to RBC Capital Markets, the weak global economic background will make the RBA to reconsider the interest rates even further. They expect the central bank to cut the rates twice till the end of 2012.
Forex.
According to , the Australian Dollar keeps strengthening against the US Dollar. AUDUSD is forming wave А(С) or shortened С inside a major bullish move, represented by wave А/В of Daily3. A break above 1.0328 will continue the rally. The closest levels of resistance are 1.0368 and 1.0474. a break below 1.0099 will indicate the end of the rally.
