NZ dollar barely budges ahead of RBA policy review

GBP to AUD 4 Hour

"A number of factors are contributing to the RBA board's decision to hold the official cash rate for such a sustained period", Mortgage Choice Franchisee, Scott Partridge said. This could suggest the RBA sees inflation pressures remaining benign right the way through 2019.

GBP/AUD Forecast: Political Developments and UK Data in Focus While some Australian ecostats in the coming days could prove influential, developments regarding the Brexit process and USA trade protectionism are more likely to influence the Pound to Australian Dollar exchange rate.

Trade tensions between the United States and China have weighed on currency markets for several months. "But with a complex set of risks in each country, there's likely to be something for everyone", ANZ Bank New Zealand chief economist Sharon Zollner and senior macro strategist Philip Borkin said in a note. It "suggested that interest rates won't rise for a while yet. The labour market is gradually tightening and it is reasonable to expect that this will lead to a lift in both wages growth and inflation", Lowe says.

The Governor said in his statement that the bank's central forecast for the Australian economy remained unchanged with GDP growth is expected to average a bit above 3% in 2018 and 2019.

"The most recent Quarterly Business Survey from the National Australia Bank found that favourable business conditions continue and point to business investment growth".

Lowe and the RBA team upgraded their forecast for unemployment Tuesday, with the unemployment rate now expected to fall as low as 5% during the next two years, down from the previous projection of around 5.5%.

"But the peak in the housing construction cycle, uncertainty about the outlook for consumer spending, the weakening Sydney and Melbourne property markets, low inflation and wages growth and tight bank lending standards all argue against a rate hike". Household income has been growing slowly and debt levels are high.

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'The central forecast is for inflation to be higher in 2019 and 2020 than it is now'.

The Australian dollar rose to an intraday high of 0.7420 after the statement. This is largely due to reduced demand by investors as the dynamics of the housing market have changed.

Australia's most powerful banker has credited high immigration with boosting the economy.

The low level of interest rates is continuing to support the Australian economy, RBA noted. Telstra shares suffered yesterday and played a big part in constraining the market, but it was the materials space that can take the lion's share of responsibility for the ASX's declines, falling 1 per cent amid selling pressure in commodities markets.

A further gradual decline in the unemployment rate is expected over the next couple of years to around 5 per cent. Wages growth remains low.

The RBA maintains its next move is more likely to be up than down; Lowe, since taking the helm in September 2016, has consistently said that an increase will only come once the economy is near full employment and inflation closer to the central bank's 2-3 percent target midpoint.

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