No surprises from RBA

The RBA was not expected to change its key rate today, and it didn't. It is not a non-event. What was decisive was how prominent a position RBA governor Glenn Stevens would give to the developments in China in his statement. 

Of course they were mentioned, but the major part of the statement was unchanged. It would therefore seem that the Australian central bankers see no need for a radical revaluation of the situation. 

"So compared with the concerns of some market participants who feared the need for further monetary policy easing at least medium term, this was news that will support AUD at current levels", says Commerzbank.