The US dollar was little moved in the Asian session. This followed disappointing Institute of Supply Management (ISM) PMI data. The data showed that the activity of purchasing managers in September was lower than expected. The PMI rose to 59.8, which was lower than the 60.1 traders were expecting. It was also lower than August’s 61.3. At the same time, the ISM manufacturing employment rose to 58.8 from August’s 58.5.
Reserve Bank of Australia Interest Rate Decision
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October RBA meeting review
Bill Evans, Research Analyst at Westpac, points out that the RBA decided to leave the cash rate at 1.50% and remains cautious around the outlook for the consumer while retaining a conservative unemployment forecast.
What is the RBA?
The Reserve Bank of Australia (RBA) is Australia's central bank and derives its functions and powers from the Reserve Bank Act 1959. Its duty is to contribute to the stability of the currency, full employment, and the economic prosperity and welfare of the Australian people. It does this by setting the cash rate to meet an agreed medium-term inflation target, working to maintain a strong financial system and efficient payments system, and issuing the nation's banknotes.
The RBA provides certain banking services as required to the Australian Government and its agencies, and to a number of overseas central banks and official institutions. Additionally, it manages Australia's gold and foreign exchange reserves.
Who is RBA's president?
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The World Interest Rates Table
The World Interest Rates Table reflects the current interest rates of the main countries around the world, set by their respective Central Banks. Rates typically reflect the health of individual economies, as in a perfect scenario, Central Banks tend to rise rates when the economy is growing and therefore instigate inflation.