Noor Trends News, Technical Analysis, Educational Tools and Recommendations
The Asian session was quiet and the Australian interest rate decision was the main driver of the session on Tuesday.
The Reserve Bank of Australia (RBA) board members announced no changes to the official cash rate (OCR), leaving it at a record low of 0.10% during their November monetary policy meeting. The board decided to discontinue the target of 10 basis points for the April 2024 Australian government bond.
Will not increase the cash rate until actual inflation is sustainably within the 2 to 3 per cent target range
Central forecast is for GDP growth of 3 percent over 2021 and 5½ per cent and 2½ per cent over the following two years.
This will require the labour market to be tight enough to generate wages growth that is materially higher than it is currently
RBA monetary policy statement
The Nikkei index fell 0.43 percent to 29,520.90 points, a day after it achieved its biggest daily gain since June after a strong electoral victory for the ruling coalition led by Prime Minister Fumio Kishida. The broader Topix index fell 0.64 percent to 2,031.67 points.
There was little change in gold in spot transactions, as it recorded 1793.60 dollars an ounce. US gold futures rose 0.1 percent to $1,796.70.
