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22 Feb 2013
Forex Flash: RBA Stevens testimony repeats same old theme - NAB
Following RBA Stevens speech, ultra-dovish NAB economist Spiros Papadopoulos, concludes that "overall, nothing in his remarks thus far to change our view..." The bank looks for further cuts in May and June while still
expecting the RBA to stay pat in March.
Spiros notes: "NAB’s forecast is that growth in 2013 will be just 2.0% (weaker than the RBA’s forecast of 2-3%), and that the unemployment rate will continue to rise as mining investment growth peaks. As evidence accumulates that further stimulus is required to support demand in the economy, more cuts will be needed..."
expecting the RBA to stay pat in March.
Spiros notes: "NAB’s forecast is that growth in 2013 will be just 2.0% (weaker than the RBA’s forecast of 2-3%), and that the unemployment rate will continue to rise as mining investment growth peaks. As evidence accumulates that further stimulus is required to support demand in the economy, more cuts will be needed..."