Gracing the trade of the Asian session on Tuesday was the release of the minutes of the Reserve Bank of Australia's (RBA) policy meeting for March which has raised interest rates by 25 basis points to 3.60%.
Here are some details on policymakers' views on current policy revealed in the minutes:
The board agreed to reconsider the 'case' to temporarily stop (pause) interest rate increases at the April meeting.
Tight policy and uncertainty in the outlook suggest a fit to keep rates steady.
A temporary halt will allow time to reassess the economic outlook.
Policymakers will continue to scrutinize employment data, inflation, retail sales, the business outlook and global developments.
Further tightening of monetary policy may be necessary to lower inflation.
Inflation is too high, the labor market is tight and the business outlook is strong.
Weak productivity can lead to more persistent inflation.
Australia's interest rates are lower than some other countries, which could impact the Aussie dollar.
The latest data was slower than expected, sluggish growth appears to have extended into the second quarter.
Following this minute, it can be seen that the RBA is ready to stop its tightening cycle.
Markets now expect the central bank to make no changes at its April 4 policy meeting, with a cut of 25 basis points expected in July.
