The Reserve Bank of Australia minutes are for the meeting earlier this month when the Bank left its cash rate unchanged. From the day:
- RBA leaves its cash rate unchanged at 4.10%, as expected
- RBA holds steady, keeps cautious tone as inflation remains in focus. AUDUSD consolidates.
Governor Bullock spoke last week:
Forecasts for cuts are cranking higher:
Note that the meeting was held before Trump’s April 2 tariff announcement, and all the subsequent reversals and reversals of reversals since then. That are still ongoing. The RBA, like any institution with their hands on economic policy levers needs to recognise the extreme level of uncertainty and account for that in their decisions. Data dependence is great, but its time to use judgement, not outdated numbers.
- This snapshot from the ForexLive economic data calendar, access it here.
- The times in the left-most column are GMT.
- The numbers in the right-most column are the ‘prior’ (previous month/quarter as the case may be) result. The number in the column next to that, where there is a number, is the consensus median expected.
This article was written by Eamonn Sheridan at www.forexlive.com.