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The RBA Board decided to leave rates unchanged at their monthly meeting today; and that surprised no one. What did give the markets a bit of a shock was the wording of the announcement. In particular this section…“Taking account of the available information, and having eased monetary policy at its May meeting, the Board judged that holding the stance of policy unchanged at this meeting would be consistent with sustainable growth in the economy and inflation returning to target over time.” which seems to be suggesting that the May cut to 1.75% may have been the last in the current cycle.
As a result the A$ jumped strongly, gaining over half a US cent on the release.
The full RBA announcement can be read here.
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