RBA will refrain from rolling its YCC bond forward to November 2024 – NAB

Anil Panchal FXStreet

While market players are more interested in the US Nonfarm Payrolls (NFP), National Australia Bank (NAB) came out with its forecast for the Reserve Bank of Australia (RBA) monetary policy moves during the much-awaited July meeting.

The Aussie bank signals the RBA extending Quantitative Easing (QE) but reducing the quantity purchased from the current $100 billion to $75 billion over the six months.

“RBA will refrain from rolling its Yield Curve Control (YCC) bond forward to the November 2024 ACGB, instead of keeping it at the April-2024 bond,” added NAB.

On the same line, Westpac said, “The RBA Board is likely to decide that there will be no extension of the YCT to the November 2024 bond at the July Board meeting because such action would imply no tightening till 2025.”

Read: AUD/USD steadies near seven-week low, US NFP eyed to conquer 0.7650

Author

Anil Panchal

FXStreet

Anil Panchal has nearly 15 years of experience in tracking financial markets. With a keen interest in macroeconomics, Anil aptly tracks global news/updates and stays well-informed about the global financial moves and their implications.

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