Breaking: AUD/USD jumps above 0.6700 after RBA leaves interest rate unchanged at 0.75%

FXStreet Team FXStreet

At its February monetary policy meeting, the Reserve Bank of Australia (RBA) maintained its official cash rate (OCR) at a record low of 0.75%, as it returned from its 2-month hiatus this Tuesday.

According to the latest Reuters poll, a majority of the 32 economists polled saw the central bank cut rates to 0.5% before June, with three predicting deeper cuts to 0.25%.

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

Despite the decision being on expected lines, the Australian Dollar caught a fresh bid-wave, driving the AUD/USD pair back above the 0.67 handle.

Author

FXStreet Team

FXStreet

Composed of a group of economic journalists and FX experts, the FXStreet content team produces and oversees all content published on FXStreet. It provides a purely journalistic approach to the Forex market.

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