According to RBA: "The inflation outlook, as assessed at present, would afford scope to ease policy further, should that be necessary to support demand."
RBA added: "Global growth is forecast to be a little below average for a time, but the downside risks appear to have abated, for the moment at least."
According to Greg McKenna, CEO at Global FX: "AUD doesn't like "afford scope to ease policy further, should that be necessary to support demand" in RBA statement it seems... the pair is well off highs."
Greg adds: "RBA statement is seriously dovish compared to what might have been expected - rates look headed lower from the RBA's language."
RBA also pointed once again that the Aussie is trading at higher levels than expected.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.