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    AUD/USD: speech by RBA president is scheduled for tomorrow on 11.02.2016

    At the opening time of the trading day tomorrow, RBA President Glen Stevens will give a press-conference where he will assess current state of the Australian economy and exchange rate of the national currency. Earlier this month central bank of Australia left interest rate unchanged at the level of 2% since May 2015.

    Despite conservative estimates of the economic growth pace in Australia and almost zero rate of inflation, RBA is not going to reduce interest rate.

    However, in the comments RBA said that inflation prospects enables to implement further easing of monetary policy and low interest rates will support demand.

    Therefore, Central Bank has not excluded possibility of the decline in interest rate this year, if economic growth slows down amid instability of the global market and decline in price of commodities.

    According to the data released last week, commodity price index in January fell by 25.8% against -23.2% in December. Annual growth of inflation amounted to 0.4%. Inflation growth slows down, and price pressure is lessening.

    Growth of real estate prices is the deterrent to the decrease of interest rate in Australia. Housing market is close to overheating. According to the forecast in December, growth in the number of mortgage loans should be 3%.

    Now the housing construction boom is decreasing and RBA has a chance to introduce monetary easing policy in the country.

    Some economists believe that RBA will reduce interest rate at least twice this year.

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