RBA keeps OCR steady at a record low of 0.10% in April, AUD/USD unmoved

Dhwani Mehta FXStreet

Following the conclusion of its April monetary policy meeting, the Reserve Bank of Australia (RBA) board members decided to keep the official cash rate (OCR) unadjusted at a record low of 0.10%.

The RBA maintained its target of 10 basis points for yield on a 3-year Australian government bond.

The central bank also maintained the parameters for the government bond purchase programme.

FX implications

The AUD/USD pair failed to react to the RBA’s expected status-quo, hovering just below the 0.7650 region, weaker by 0.05% 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

Dhwani Mehta

FXStreet

Residing in Mumbai (India), Dhwani is a Senior Analyst and Manager of the Asian session at FXStreet. She has over 10 years of experience in analyzing and covering the global financial markets, with specialization in Forex and commodities markets.

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