RBA Minutes: Recent outbreaks of the delta variant had interrupted the recovery

The Reserve Bank of Australia's Minutes have stated that the recent outbreaks of the delta variant of had interrupted the recovery which is pressuring the currency lower.

AUD/USD is printing fresh daily lows and testing 0.7300 commitments. 

More to come...

reserve bank of australia minutes:  board reaffirmed the previously announced change in the rate of bond purchases

16-aug-2021 19:30:43 - rba minutes:  bond purchase program will continue to be reviewed in light of economic conditions and the health situation,

16-aug-2021 19:30:46 - rba minutes:  near-term outlook was highly uncertain and dependent on health outcomes

16-aug-2021 19:30:59 - rba minutes:  board would be prepared to act in response to further bad news on the health front should that lead to a more significant setback for the economic recovery

16-aug-2021 19:31:02 - rba minutes:  domestic financial conditions remained highly accommodative

16-aug-2021 19:31:09 - rba minutes:  board will not increase the cash rate until actual inflation is sustainably within the 2 to 3 per cent target range

16-aug-2021 19:31:19 - rba minutes:  central scenario for the economy is that this condition will not be met before 2024

16-aug-2021 19:31:22 - rba minutes:  fiscal and monetary policy support was already cushioning the economic effects

16-aug-2021 19:31:36 - rba minutes:  fiscal policy is a more appropriate instrument than monetary policy for providing support

16-aug-2021 19:31:43 - rba minutes: central scenario was still that the australian economy would grow strongly again next year

16-aug-2021 19:32:00 - rba minutes:  the unemployment rate was expected to increase in the near term

16-aug-2021 19:32:13 - rba minutes: board members considered the case for delaying the tapering of bond purchases

16-aug-2021 19:32:20 - rba minutes:  pick-up in both wages growth and underlying inflation was expected, but this pick-up was likely to be only gradual

16-aug-2021 19:32:53 - rba minutes:   remained committed to maintaining highly accommodative monetary conditions