The Reserve Bank of Australia (RBA) is set to meet on Tuesday against a backdrop of improving economic conditions at home but increased uncertainty abroad as Greece drama continues to unfold and concerns of a credit bubble in China linger.
Taking into account the myriad of factors, economists expect the central bank is likely to stand pat this month after having reduced interest rates twice this year, in February and May.
“The combination of having already delivered 50 basis points of cuts in H1 and the more positive domestic numbers are expected to keep the RBA firmly on hold next week,” said Paul Bloxham, chief economist for Australia and New Zealand at HSBC.
Recommended Content
Editors’ Picks
AUD/USD approaches 0.6900 ahead of Australian inflation
The Aussie is among the best performers against the Greenback this week, trading at fresh 2024 highs, not far from the 0.6900 mark. Australian inflation data taking centre stage in the Asian session.
EUR/USD extend recovery amid persistent USD weakness
The Euro benefited from the broad US Dollar’s weakness on Tuesday, trimming weekly losses and looking to retest the 1.1200 level. Additional gains out of the table amid discouraging European data.
Gold's unstoppable run extends beyond $2,650
Gold price keeps posting record highs on a daily basis, now comfortable above $2,650. Poor United States data fueled speculation the Federal Reserve will trim rates by another 50 bps when it meets in November.
Crypto Today: Bitcoin, Ethereum and XRP consolidate as SUI continues impressive run
Bitcoin traded around $63,600 on Tuesday, as prices appear to be consolidating within the $62,000 and $64,700 key levels. On-chain data shows that the consolidation may be due to profit-taking by holders and mild Bitcoin ETF net inflows of $4.5 million, per Farside Investors data.
RBA widely expected to keep key interest rate unchanged amid persisting price pressures
The Reserve Bank of Australia is likely to continue bucking the trend adopted by major central banks of the dovish policy pivot, opting to maintain the policy for the seventh consecutive meeting on Tuesday.
Moneta Markets review 2024: All you need to know
VERIFIED In this review, the FXStreet team provides an independent and thorough analysis based on direct testing and real experiences with Moneta Markets – an excellent broker for novice to intermediate forex traders who want to broaden their knowledge base.