The RBA has left the key interest rate unchanged at 3.5%. The central bankers now feel more optimistic about Australia’s economic prospects.
However, the experts of Commonwealth Bank are disappointed with the news even though the RBA managed to come to their expectations in terms of interest rates.
The RBA report says that the eurozone crisis as well as the economic slowdown in China force Australian exporters into lowering export prices on natural recourses. However, the experts of Commonwealth Bank assume that the RBA will eventually cut the key interest rate by 50 basis points later this year.
Forex.
According to , the Aussie seems to be completing its bearish move against the US Dollar. The experts report that AUDUSD has finished forming wave 3 or а(С)/С inside a bigger-scale downswing represented by wave А/В of level Daily.
A further downswing will probably meet support around 1.0126 and 1.0096 if the price breaks below 1.0166. The current bearish move will be completed as soon as the price overcomes the top of the MF sloping channel and consolidates above 1.0543 (as shown below).
