RBA is going to render its interest rate decision today, and it is a high impact release as all currencies are driven by interest rates. RBA is expected to pause its rate tightening policy during today’s decision, here is the forecast:
10:30pm (NY Time) AU RBA Rate Decision Forecast 4.50% Previous 4.50%
ACTION: AUD/USD BUY 4.75% AUD/USD
Reserve Bank of Australia (RBA) will release its official cash rate decision today and majority of economists are expecting an unchanged verdict. As a matter of fact, out of the 22 analysts surveyed by bloomberg, all 22 expect to see RBA holding rates as expected.
The immediate future policy for RBA may be that of a “wait and see” as most analysts are expecting RBA to also hold rates unchanged during the next RBA meeting. This will undoubtedly add selling pressure to the AUD, or perhaps keep AUD in a very tight trading range as the market wait for RBA to make the next move.
The plan for this rate decision is simple, if RBA hikes rates or hint about hiking rates during the next meeting, we’ll buy AUD. If everything comes as expected, we’ll stay out of the market.
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