RBA board members agreed not to give any clear guidance on future policy direction: May 19, 2015

Intra-Day Market Moving News (AUD/USD)
19 May 2015   01:35GMT

AUD/USD .... Reuters then reported RBA said it had considered delaying a cut in interest rates earlier this month, but decided the best course was to go ahead given new forecasts for persistently soft growth.

In the minutes of its May 5 policy meeting, the central bank said board members also agreed not to give any clear guidance on future policy direction, following its widely expected quarter point cut in the cash rate to a record low 2%.
Members did not see this as limiting the Board's scope for any action that might be appropriate at future meetings.

Some in the market had been surprised by the lack of an explicit easing bias in the statement, but RBA Deputy governor Philip Lowe this week declared there was still room to cut again if needed.

The minutes revealed that members could see cases for easing in May or waiting until June.
They decided to act immediately given revised staff forecasts showing growth taking longer to strengthen and the jobless rate staying elevated for longer.

On the Australian dollar, board members again agreed that a weaker currency was both likely and necessary, particularly given the significant declines in key commodity prices. The RBA next meets on June 2.