The Reserve Bank of Australia (RBA) is widely expected to resume tightening when it meets on Melbourne Cup Tuesday, having held the benchmark interest rate steady for four straight meetings.
Interest rate in Australia is set to rise by 25 bps from 4.10% to 4.35% in November. The Reserve Bank of Australia’s Governor Michele Bullock could stick to the hawkish tone. Volatility could ramp up around the Australian Dollar on Melbourne Cup day. The central focus of the RBA meeting will be on whether Governor Michele Bullock sticks to the recent hawkish rhetoric, hinting at further interest rate hikes.
On the downside, static support aligns at 0.6450, below which a test of Friday’s low of 0.6419 cannot be ruled out. Further south, the 50-day SMA at 0.6395 could come into play.” Economic Indicator Australia RBA Interest 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.
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