Asian Stocks Slip as Tech Rout Deepens, Japan Steadies Ahead of Election 
Silver Prices Plunge in Asian Trade as Dollar Strength Triggers Fresh Precious Metals Sell-Off 
RBA Expected to Raise Interest Rates by 25 Basis Points in February, ANZ Forecast Says 
South Africa Eyes ECB Repo Lines as Inflation Eases and Rate Cuts Loom 
Bank of England Expected to Hold Interest Rates at 3.75% as Inflation Remains Elevated 
Gold and Silver Prices Rebound After Volatile Week Triggered by Fed Nomination 
Bank of Canada Holds Interest Rate at 2.25% Amid Trade and Global Uncertainty 
RBA Raises Interest Rates by 25 Basis Points as Inflation Pressures Persist 
BOJ Policymakers Warn Weak Yen Could Fuel Inflation Risks and Delay Rate Action 
Gold Prices Slide Below $5,000 as Strong Dollar and Central Bank Outlook Weigh on Metals 
The Reserve Bank of Australia (RBA) issues a Statement on Monetary Policy four times a year. The statement sets out the central bank's assessment of current economic conditions, both domestic and international, along with the outlook for Australian inflation and output growth.
There was little change from the RBA at its policy meeting earlier this week. The statement that followed noted that the RBA sees GDP growth returning to 3 percent over the next couple of years, while its inflation forecasts are said to be “largely unchanged”. The market is now closely awaiting RBA's Statement on Monetary Policy (SoMP) on Friday.
"We expect Friday’s Statement on Monetary Policy (SoMP) to highlight that while the growth outlook remains positive, inflation is low and likely to remain low. We continue to see rates on hold at 1.5%." said ANZ markets in a report.
Uncertainty around the global political and trade outlook to keep the Bank’s assessment of key risks largely unchanged. Of concern to the RBA would be China's overcapacity and high debt levels, slack in the Australian labour market and outlook for global trade given Trump's protectionist politics nnd the Brexit vote.
AUD/NZD was hovering around 5-DMA, intraday bias remained neutral. Stiff resistance is seen at 0.7685 (trendline), while major support on the downside lies at 0.7580 (20-day MA). A daily close below 5-DMA will likely increase the bearish bias. Breach at 20-DMA could see test of 0.7493 (200-day MA).
