The recent weakness of the Australian market can be largely attributed to: In terms of global developments, the big news of the month related to a small country: Cyprus.
The decision comes on the back of upbeat labour market reports, with unemployment falling to 5.5% since the last meeting and a trend towards more job advertisements.
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This would serve as a welcome boost to Australian exports.
Importantly, the housing market is showing signs of slowing, with Core Logic’s home value indices reporting a 0.8% rise in dwelling values over the June quarter; the lowest quarterly growth rate since December 2015.