The Reserve Bank of Australia (RBA), at its October monetary policy meeting held on Tuesday, cut its official cash rate (OCR) by 25bps at a record low of 0.75%, as widely expected.
According to the latest Reuters poll, “as many as 25 of 35 economists, or 71% of those surveyed, expect the Reserve Bank of Australia (RBA) to ease its benchmark rate at its Oct. 1 meeting.”
The decision was on expected lines but did help the Australian Dollar, with the AUD/USD pair extending the recovery above the 0.6750 from four-week lows of 0.6733.
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.
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