Breaking: RBA leaves OCR steady at 0.10%, to continue with tapering after early September

FXStreet Team FXStreet

The Reserve Bank of Australia (RBA) board members left the official cash rate (OCR) at a record low of 0.10% at their August monetary policy meeting,

The central bank said that it will continue with tapering of the bond-buying programme after early September.

The RBA will continue to purchase government securities at the rate of $5 billion a week until early September and then $4 billion a week until at least mid-November.

FX implications

The AUD/USD pair jumped on the RBA decision.

The spot was last seen trading near multi-day highs of 0.7993, up 0.45% on the day.

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.

Author

FXStreet Team

FXStreet

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