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4 Apr 2013
Forex Flash: Today’s Aussie data reduces pressure on RBA to cut again – NAB
FXstreet.com (Barcelona) - With today's +1.3% monthly increase in February for retail sales in Australia, best figure since early 2010, and first time since 2007 that it comes above 1% for second consecutive month, along with good numbers in the Building approvals front, “today’s data provides more comfort to the RBA that earlier rate cuts are translating into stronger activity,” notes Spiros Papadopoulos, Senior Economist at the National Australia Bank.
“There is still a question mark on the non-mining investment outlook and concerns over the high AUD, but with strong retail data coming through it reduces the pressure on the RBA to cut again in the near-term,” the analyst concludes.
“There is still a question mark on the non-mining investment outlook and concerns over the high AUD, but with strong retail data coming through it reduces the pressure on the RBA to cut again in the near-term,” the analyst concludes.