The RBA has published its meeting minutes. The meeting itself took place on February 5th 2013. The report seems to have caused a price rally in the market of the Australian Dollar.
The minutes say that the existing economic situation in the country makes it possible to implement further interest rate cuts. However, such steps weren’t considered during the meeting.
Before continuing to implement toe economic stimulation plan, the RBA want to evaluate the effect of the previous measures (since November 2012, the RBA has cut the interest rate by 1.75%).
According to Ben Jarman, an economist from JPMorgan, the RBA is waiting for the official mining report for Q4 2012. Probably, the report will be considered to evaluate the investment processes in the country. If, he says, the investment volume declines, we will see more interest rate cuts in the near future.
Forex.
According to , the Australian Dollar keeps weakening against the US Dollar. The experts report that AUDUSD is forming wave А/В of level Weekly.
The closest levels of support are 1.0225 and 1.0200. The current bearish move will be completed as soon as the price overcomes the top of the MF sloping channel and consolidates above 1.0366 (as shown below).
