On Tuesday, the AUD/USD pair is trading to the downside after the RBA’s comments and some mixed statistics.
The Australian Dollar is losing weight against the USD. The current quote for the instrument is 0.7709.
The statistics published today showed that the House Price Index in Australia in the fourth quarter of 2016 expanded by 4.1% q/q after adding 1.5% q/q in the third one. According to the economic theory, the surge in the real estate prices may be a reason for increasing the inflationary pressure.
The Minutes of the latest RBA meeting published in the morning particularly says that the current monetary policy matches the inflationary tendencies. A special focus was put on the fact the real estate prices are different in different regions. The document also pays attention to the Aussie behavior, the strengthening of which may prevent the country’s GDP from growing as planned.
The RBA is waiting for the CPI to grow slowly: this “incantation” is pronounced at each meeting of the regulator, and the latest meeting was no exception. The inflation is reviving very slowly and it requires a particular set of conditions, which are very difficult to collect at the same time.
It rather unlikely that the comment about the Aussie’s high rate was a verbal intervention, because the currency has been immune to it for a long time. Today’s decline of the AUD/USD pair is more of a correction of yesterday’s movement.
RoboForex Analytical Department