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Statement by Philip Lowe, Governor: Monetary Policy Decision
At its meeting today, the Board decided to maintain the current policy settings, including the targets for the cash rate, the yield on 3-year Australian Government bonds, and the parameters for the expanded Term Funding Facility. The global economy is gradually recovering after a severe contraction due to the pandemic. However, the recovery is uneven and its continuation is dependent on containment of the virus. While infection rates have declined in some countries, they have increased in others. The recovery is most advanced in China, where conditions have improved substantially over recent months. Globally, ... (full story)
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AUD/USD spiked following RBA's interest rate decision. pic.twitter.com/RSkADN9dyE
— Margaret Yang, CFA (@margaretyjy) October 6, 2020
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AUD/USD pierces 0.7200 even as RBA keeps status-quo
AUD/USD rises 20 pips following the RBA’s announcement of no rate change. Previous risk-on mood fades amid mixed clues concerning US President Trump’s recovery. Aussie budget, updates on Trump’s COVID-19 developments and Powell’s speech will in focus. AUD/USD seesaws around 0.7200 after an initial surge to 0.7208 on the Reserve Bank of Australia’s Interest Rate decision during early Tuesday. The Reserve Bank of Australia (RBA) held its cash rate and the targeted yield on 3-year bonds unchanged at 0.25% during the latest announcement. Read: RBA: Will maintain highly accommodative settings as long as is ... (full story)
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RBA announces October cash rate
After months of a seemingly market-wide understanding the Reserve Bank of Australia (RBA) would not consider cutting the official cash rate from the record low of 0.25% it has sat at since mid-March, market expectation has dramatically shifted in recent weeks. However, even with a significant proportion of commentators predicting a reduction to be announced at today’s meeting, the central bank has again kept the rate on hold. According to Finsure managing director John Kolenda, this afternoon's decision makes it all the more likely the RBA will instead move next month on 3 November, which is not only Melbourne Cup ... (full story)
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RBA keeps rates on hold at October meeting
The RBA have resisted a cut to the official cash rate at their October meeting today, with the budget announcement tonight expected to have kept the RBA waiting. A number of experts and economists believe a cut is coming, following a change in wording from the RBA governor Philip Lowe's September meeting minutes and a speech by RBA deputy governor Guy Debelle in late September. However surprisingly only nine experts and economists of the 40 surveyed in Finder.com.au's Cash Rate Survey predict a cut could come in November, which would be the first Cup Day cut in over a decade. Mortgage Choice chief executive Susan ... (full story)
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