Citibank: RBA to stay firm this year

Citibank analysts note that a major Australian bank has called for a RBA rate cuts this year supported by a roller coaster ride in AUD and news that Australian coal imports at China’s Dalian port are blocked indefinitely, but subsequently denied by China’s Foreign Ministry and Australian Trade Minister.

Key Quotes                                               

“Meanwhile, Australian January employment accelerates (39.1k vs market’s 15k) with job gains driven by full-time jobs (+65.4k). Citi analysts do not see a case for any move in RBA rates over next few years.”