Earlier in the Day:
It was a quiet start to the day on the economic calendar this morning. There were no material stats in the early hours to provide the markets with direction. While there were no stats, however, the RBA meeting minutes were in focus this morning.
For the Aussie Dollar
Salient points from the minutes included:
- The recovery had established strong momentum prior to recent outbreaks of the Delta variant.
- Accompanying lockdowns had introduced a high degree of uncertainty to the outlook for the 2nd half of 2021.
- Members expect economic activity and employment to decline in the 2nd
- The high transmission of the Delta variant raised the possibility that a more gradual reopening would be needed compared with early episodes.
- Under the assumption that further lengthy lockdowns would be limited, the economy was forecast to rebound from the current setback later in the year.
- This is based on an easing of restrictions to follow a similar pattern…