FXStreet (Delhi) – Research Team at NAB, suggests that their outlook for the Australian economy is essentially unchanged despite global risks and they continue to anticipate further recovery across the non-mining economy.
Key Quotes
“The AUD (now expected to depreciate to USD66c by mid-2016) will continue to act as a pressure valve, the tilt towards services activity will support employment, and lower petrol prices will support the cash flow position of most households and businesses.
Resource export volumes will remain strong, although the associated income and government revenue will of course be challenged by low commodity prices. For the RBA, unless financial market volatility translates into substantive negative real economic outcomes offshore, the central bank is likely to remain on the sidelines and observe developments.”
(Market News Provided by FXstreet)