BOSSA.CZ (BOSSA.CZ)
Macroeconomics  |  March 05, 2013 08:28:00

Australia kept interest rates


iPoint.cz Australia's central bank (RBA) kept its interest rate unchanged at 3.0 percent and reiterated that leaves room for further reductions if necessary. The move was not a surprise, the majority consensus of economists assumed that decision.

RBA to cut interest rates already enjoyed last year. From May to December rate cut by 1.25 percent. Australia is trying to help by reducing tariffs domestic industry and construction. The economy also struggled strong Australian dollar. Last month, the antipodes relieved when we managed to recover iron ore slump in exports.Australia is dependent on the export of these commodities and the actual performance of the economy affecting mainly China, which is the largest prospective iron ore.

Australian Statistical Office today also published the results of retail sales. They proved in January in mom measurement increase by 0.9 percent. More than doubled and exceeded the original estimates and reached the greatest appreciation in the last seven months. Retail sector with 260 billion Australian dollars account for 17 percent of the 1.5 trillion Australian production. Employs 10 percent of Australians and is the second largest employer after the health service.

The volume of exported goods increased by 3.4 percent, 82.9 billion Australian dollars in the last quarter of 2012. For the increase to rising exports of iron ore and coal to Asia. Net exports(Export minus import) an improved 0.6 percent in the last three months of 2012. Australia should disclose in the middle of its GDP in the last quarter of 2012, which is expected to grow 0.6 percent.

Currency pair AUD / USD yesterday issued confidently support under 1.0175, however, which became fatal for him. On the daily charts closed reverse plug "pinbar" that could close above mentioned support. Strengthening of the Australian dollar also helped the bullish divergence on the oscillator. This signal shifted AUD / USD to 1.0265 resistance, where if the trend will continue in the bearish mood, so expect reversal correction movement.

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