The Reserve Bank of Australia (RBA) board members announced a no change to the official cash rate (OCR), leaving it at a record low of 0.10% at their July monetary policy meeting,
The central bank said that it will keep yield curve target at April 2024 bond and not extend to November 2024 line.
Markets widely expected the RBA to keep the April 2024 target for the time being.
The RBA announced that it plans a third round of bond buying.
The AUD/USD pair whipsawed on the RBA decision.
The spot was last seen trading near weekly highs of 0.7571, up 0.57% 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.
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