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8 Feb 2013
Forex Flash: RBA sees recovery but room to cut again - NAB
RBA’s new forecasts in today’s Quarterly Statement, according to NAB, "could be described as cautiously optimistic, probably a bit too much" economist Robert Henderson notes.
Robert adds: "NAB still expects the economy to be weaker through 2013 and that the unemployment rate will continue to rise as the mining boom peaks this year. We still see 75bps of cuts to 2.25% during 2013."
"While more rate cuts will be eventually needed, we concede that OK recent data have made it less clear the next cut will come as early as March, our current forecast" Mr. Henderson said.
Robert adds: "NAB still expects the economy to be weaker through 2013 and that the unemployment rate will continue to rise as the mining boom peaks this year. We still see 75bps of cuts to 2.25% during 2013."
"While more rate cuts will be eventually needed, we concede that OK recent data have made it less clear the next cut will come as early as March, our current forecast" Mr. Henderson said.