Like cats with nine lives, the Aussie and kiwi are sitting in trading ranges, seemingly oblivious to falling terms of trade and money market pricing that suggests both the Reserve Bank of Australia and its New Zealand counterpart will be forced to throw in the towel shortly and cut policy rates from the elevated heights of 2.00% and 2.5% respectively. But yesterday’s monetary policy statement from the RBA gave no such hint, instead signalling a steady-as-she goes approach, saying there are “reasonable prospects for continued growth in the economy, with inflation close to target”. However, there was a minor change to ... (full story)