The Reserve Bank of Australia (RBA) has released the minutes of the prior meeting as follows:

Members commenced their discussion of international economic developments by observing that inflation abroad had remained high.

Inflation outcomes for the major advanced economies had continued mostly to surprise on the upside – noticeably for the euro area, where higher prices for food and energy had boosted headline inflation.

More:

• Board doesn't rule out return to 50bps, or pause.
• No pre-set path -considered 50bps hike, saw stronger case for 25bps in November.

Read the full minutes here.

AUD/USD update

The Aussie is unchanged on the data as follows:

It is attempting to correct below the trendline and 0.67 the figure, reaching a low of 0.6688 so far on the day. 

About the RBA minutes

The Reserve Bank of Australia (RBA) publishes the minutes of its monetary policy meeting two weeks after the interest rate decision is announced. It provides a detailed record of the discussions held between the RBA’s board members on monetary policy and economic conditions that influenced their decision on adjusting interest rates and/or bond buys, significantly impacting the AUD. The minutes also reveal considerations on international economic developments and the exchange rate value.