RBA keeps Official Cash Rate steady at 0.25%, AUD/USD unmoved
|At its scheduled July monetary policy meeting held Tuesday, the Reserve Bank of Australia (RBA) made no changes to its monetary policy settings once again, with the official cash rate (OCR) maintained a record low of 0.25%, as widely expected.
“The board decided to maintain the current policy settings, including the targets for the cash rate and the yield on 3-year Australian government bonds of 25 basis points,” the statement read.
About RBA rate decision
RBA Interest Rate Decision is announced by the Reserve Bank of Australia. If the RBA is hawkish about the inflationary outlook of the economy and rises the interest rates it is positive, or bullish, for the AUD. Likewise, if the RBA has a dovish view on the Australian economy and keeps the ongoing interest rate, or cuts the interest rate it is seen as negative, or bearish.
FX implications
As the RBA decision was on the expected lines, the Australian dollar showed little reaction, with the AUD/USD pair keeping its range around 0.6965.
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