Daniel Wright
Sales Director
RBA Remain Positive With Economic Growth Predictions
With gains in labour data for November, the Aussie market saw the creation of 39.9k jobs and a sharp drop in unemployment rate.
Request a quoteNegativity has constantly haunted AUD as economists have tipped the RBA to cut interest rates again in 2020, following three cuts already in 2019.
The markets are tipping an interest rate cut from the RBA going into 2020. Analysts predict that a cut is looking inevitable by mid-2020. The Aussie economy is currently on a downward trend and is looking on course for another cut to help boost its struggling economic data. In their last meeting of 2019, the RBA’s minutes revealed that they plan to reunite in February to reassess the state of the economy and their stance on monetary policies, investors will be hoping that the economy can find some support until then to fare off the cuts.
Recent positivity did arrive through the form of the US-China trade deal as the AUD is highly dependant on its trade with China, and any boosts to the Chinese economy is set to benefit Australia. However, with a lack of details emerging from the deal the optimism has faded for the time being until the deal is signed.
Looking Ahead
Despite stating themselves that they may need to reassess the economy in February 2020 after their recent decision on monetary policies, the RBA has reassured investors by stating the Aussie economic growth will be on the rise for 2020.
They hope that the growth will be around 2.75% for 2020, rising to 3% for 2021. Should this be the case, the likelihood of interest rates may be reduced if the economy picks up in the new year.
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