Economic Calendar
Reserve Bank of Australia Cash Rate
Attention to Turn Into the RBA Statement
Starts Tuesday, May 7, 2019 at 04:30
Updated Tuesday, May 7, 2019
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The Reserve Bank of Australia (RBA) is expected to keep interest rates on hold at 1.50%. It has kept the rates unchanged for many months, so there is not much action expected from the interest rate decision this time. The attention will shift to the RBA statement which will be released at the same time as the interest rate decision. But, since rate hikes are widely anticipated to remain unchanged, the price action is expected to be minimal. The RBA turned dovish in the last meetings, so let's see if anything has changed for the better or for the worse in the meantime. Please follow us for live coverage of this event and the impact it might have on the currency.
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About Reserve Bank of Australia Cash Rate
The Reserve Bank of Australia (RBA) discloses its monetary policy decisions on a monthly basis, February through December. Any adjustments made to the cash rate, also known as the overnight money market interest rate, have the potential to impact the Australian dollar (AUD) significantly.The decision to either raise or lower the cash rate is crafted by the RBA’s Reserve Bank Board. After each meeting, an announcement is made to the public regarding any changes to the cash rate. The new lending rates to go into effect the next day.Short-term cash rates are extremely important to valuations of the AUD. Rising rates are viewed as bullish for the AUD, while falling rates are bearish.
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The RBA kept its official cash rate on hold at 1.5% at its Cup Day meeting.
The AUD/USD shows no reaction and continues to trade near $0.7210. The immediate support can be found at $0.7180 while resistance prevails at $0.7220 & $0.7250.