AUD/USD is lower after the RBA ‘on hold’ policy decision and less hawkish rhetoric

The post on the outcome of the meeting is here, with a summary of the statement:

The key is the wrap-up at the end of Governor Bullock’s Statement:

  • Whether further tightening of monetary policy is required to ensure that inflation returns to target in a reasonable timeframe will depend upon the data and the evolving assessment of risks. In making its decisions, the Board will continue to pay close attention to developments in the global economy, trends in domestic demand, and the outlook for inflation and the labour market. The Board remains resolute in its determination to return inflation to target and will do what is necessary to achieve that outcome.

“Whether” is suggestive of a Board acknowledging that it really doesn;t have much of an idea of what will happen. Awaiting data is its stance.

AUD/USD down:

This article was written by Eamonn Sheridan at Source