At its scheduled June monetary policy meeting held Tuesday, the Reserve Bank of Australia (RBA) left its monetary policy settings unchanged, with the official cash rate (OCR) kept on-hold at a record low of 0.25%, as widely expected.
The RBA maintains the target for three-year bond yield at 0.25% while adding that it will not increase the cash rate until progress made towards full employment and the inflation target.
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.
As the RBA decision was on the expected lines, the Australian dollar showed little reaction, with the AUD/USD pair keeping its range below 0.6800.
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