The Reserve Bank of Australia has published its meeting minutes. The meeting was dedicated to the central bank’s monetary policy. The bank also made public the government’s economic forecasts.
At the same time, it is reported that Australia’s economic growth is gaining more and more support from no-mining sectors. Moreover, the Reserve Bank of Australia expects this tendency to last for at least 2 more years. Masterforex-V Academy experts say that backing the economic growth in non-mining sectors is one of the key tasks for the Australian authorities at this point. The central bank also expects the employment growth to be going on over the next couple of months. The central bankers are sure that low interest rates are now supporting Australian households and those investing in residential property. The central bank is also sure that such investments are still going to be popular in the near future even though the volume is going to shrink gradually over the period.
Another factor to pay attention to is inflation prospects, which remain weak and may well require extra monetary easing. As for the Australian government’s forecasts, hey mostly match the RBA’s standpoint. The average annual rate of unemployment is expected to be equal to 6%. The GDP is expected to grow by 2,5% this financial year, which will end in spring 2016.
Forex
Meanwhile, Masterforex-V Academy reports that the Australian Dollar keeps on going down against the U.S. Dollar within the scope of the retracement from a new long-term rally. AUDUSD is forming a new move down – wave b(C ) of level Daily or higher. The price is currently developing a minor move – wave 3/C inside the mentioned bearish momentum.
The closest major levels of resistance are the 0.7281 high as well as the top of the descending MF sloping channel. The closest major levels of support are the 0.7067 low as well as the bottom of the ascending MF sloping channel.
