Current AUD level not an issue for RBA – Westpac

Analysts at Westpac published a latest note on today’s RBA steady policy, assessing its impact from an fx perspective.

Key Quotes:

“From an FX perspective, the RBA statement was largely as expected. The RBA did note that “commodity prices have risen over recent months”, although the language was unchanged from last month despite the fact that iron ore prices are up 15% versus levels prevailing at the last RBA meeting, coking coal prices are up 21% and thermal coal prices are up 33%”.

“On the currency, the RBA made no change in the language we have seen over the last 6 months, i.e. that “an appreciating exchange rate could complicate [this adjustment]”.

“No change in today’s language suggests that the currency is not currently an issue for monetary policy, thus we are not surprised to see the A$ pop higher on the outcome.”

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