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Aussie Mixed After RBA Minutes Show No Plans for Rate Hike

October 17, 2017 at 12:11 by Vladimir Vyun

Various Australian dollar notesThe Australian dollar was little changed against some of its most-traded rivals, like the US dollar and the Japanese yen, while gained against others, like the euro and the Swiss franc, during the current trading session.

The Reserve Bank of Australia released minutes of its October meeting today. The notes revealed nothing new, showing a relatively optimistic picture of the Australian economy but noting elevated levels of household debt and signaling no plans for an interest rate hike in the foreseeable future:

Members observed that moves towards higher interest rates in other economies were a welcome development, but did not have mechanical implications for the setting of policy in Australia, where the timing of any changes in interest rates would be dependent, as always, on developments in domestic economic conditions.

It is expected that the RBA will keep rates on hold for a long time, perhaps throughout whole 2018, and that was hurting the appeal of the Aussie.

AUD/USD traded at 0.7846 as of 12:10 GMT today after opening at 0.7849. EUR/AUD dropped from 1.5021 to 1.4986.

If you have any questions, comments, or opinions regarding the Australian Dollar, feel free to post them using the commentary form below.

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