Philip Lowe, Governor of the Reserve Bank of Australia, made the following statement:
ANZ expects that Reserve Bank of Australia to join the global monetary tightening cycle by raising interest rates twice in 2018 by 25 basis points in May and the same in the second half of 2018, as the global economy grows stronger and more widely.
The following are the highlights of the Reserve Bank of Australia's monetary policy meeting minutes in September:
Ian Harper, a member of the Reserve Bank of Australia board, made the following statement:
Building permits in Australia fell in July for the second time in three months, with the main trend to show sharp fluctuations in construction activity. Building permits fell by 1.7% to 18.299, while expectations were supposed to down by 5.4%. In June, permits rose to highest level in nearly a year of 11.7%. On an annualized basis, building permits declined by 13.9%.
The AUDUSD fell nearly 70 pips from its daily high of 0.8042, following the RBA's rate decision. The rate statement contained some positives as well as some negatives. The RBA noted that the continued rise of the Australian dollar may create an obstacle to growth and may delay inflation to reach the target, and added that the current labor market conditions are positive.
Unlike last week, the beginning of this week was full of important events that had an impact on market movements. It was the beginning in the Middle East when Saudi Arabia, Egypt, the UAE and Bahrain cut off diplomatic relations with Qatar accusing them of supporting terrorist organizations. 12 countries were with this decision. Sheikh Sabah al-Ahmad, the Emir of Kuwait tried to calm the situation, but his attempts failed, amid calls from the American side to end the siege on Qatar.
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