Westpac on the Australian dollar in the wake of the Reserve Bank of Australia today. saying that as long as the USD dollar avoids a sharp reversal:
- Aussie seems likely to keep running out of steam on probes above 0.7700
- resilient global equity sentiment should see support return into the 0.7640 area near term
On the RBA:
- We see a little more dovishness in the extra concern on household consumption and particularly the extra paragraph on inflation
- RBA took note of strong jobs growth
- GDP forecast unchanged and bullish
WPAC comments via Bloomberg
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