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Reserve Bank of Australia (RBA) has refrained from lowering the borrowing cost below 2% and its statement though maintain overall easing bias, did not provide any further indication that the bank will follow sit its easing in February and May.
RBA might now be relying on US Federal Reserve to provide much anticipated rate hike, which is expected to push Aussie lower. However that might not push Aussie lower against other pairs.
- Aussie is trading strongly today, after the decision was announced. Aussie is up 1.1% for the day against dollar, currently trading at 0.77.
While RBA was mum today, Australian government provided the boost.
- The national hourly wage will increase 2.5% to A$17.29 from the current level of A$16.87. Union was calling for weekly rise of A$27 and the government provided hike of A$16. Though it is falling short of union demand, it is definitely higher than what business groups were looking for.
This will provide boost to 1.9 million workers' wallet.
Australian dollar correction was due and RBA rate decision has led to profit booking on shorts, however this may not be the place to go long, sellers are likely to emerge at rallies.
