Spain Markit Services PMI rises to 47 in Jan from 44.3 in Dec

The RBA left the policy rate on hold at a record low of 3.0%, very much in line with consensus opinion. However, the explicit easing bias was kept in place, triggered a 40-pip selloff in the AUD/USD. According to Research Analyst Gareth Berry at UBS, “Although the current policy settings were deemed to be appropriate today, the inflation outlook would afford scope to ease policy further, should that be necessary to support demand.”