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FXstreet.com (Barcelona) - The analysts at National Australia Bank note that the RBA's cash rate is back at the record 3% low, but overall monetary conditions down-under remain quite restrictive.

The envisage a pause in February as being quite likely, before a further 25-75 bps of cuts throughout the year. They believe that RBA policy is likely headed to where the BoC and the RBNZ are, namely a not so sweet spot where despite growth being below trend, the policy rate can't be lowered any further for fear of exacerbating imbalances in the household sector, and neither can in it be raised for fears of pushing exchange rates higher.
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