FXStreet (Delhi) – Prashant Newnaha, Rates Strategist at TD Securities, notes that the RBA threw no surprises leaving the cash rate at 2%. Key Quotes “The Nov manufacturing PMI rose to a 2yr high of 52.5, manufacturing expanding for the 4th straight month. The low AUD was seen as supporting exports and local orders. Q3 Net exports at +1.5%pts contribution to GDP was stronger than expected via exports +4.6% and imports –2.4% for Q3.” “The current account deficit narrowed from -5.1% to -4.4% of GDP. We see the deficit lingering at around -4¾% of GDP over 2016 as key commodity prices remain stagnant.” “Australian bond foreign ownership fell to the lowest in 6 years to 64.1% (was 80% in early 2012). Global funds bought A$9.9b in debt in Q3, well below A$30.3b net issuance. Government consumption +0.7% offset by investment -9.2% implying a -¼%pt drag on Q3 GDP growth.” “Building Approvals for Oct jumped by +3.9% (TD flat, mkt -2.5%) via leap in apartment approvals as private house approvals fell -2.1%. The construction cycle is expected to add around +½% to annual GDP growth this year and next.” For more information, read our latest forex news.