RBA Signals Rates to Remain Steady For Now

The Reserve Bank of Australia (RBA) held interest rates steady at record low 1.5 percent on Tuesday, as expected, and appeared to signal it would remain on hold for some time.

The RBA said that it expected the economy Down Under would grow around 3 percent annually for “the next couple of years” and that inflation would pick up to above its 2 percent target over the course of this year.

“There is no longer an expectation of further monetary easing in other major economies,” the statement on Tuesday said. “The board judged that holding the stance of policy unchanged at this meeting would be consistent with sustainable growth in the economy and achieving the inflation target over time.”

CNBC

China Reserve Data Boosts The USD

XAU/USD – Gold Higher as Fed Hikes in Doubt

Content is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Business Information & Services, Inc. or any of its affiliates, subsidiaries, officers or directors. If you would like to reproduce or redistribute any of the content found on MarketPulse, an award winning forex, commodities and global indices analysis and news site service produced by OANDA Business Information & Services, Inc., please access the RSS feed or contact us at info@marketpulse.com. Visit https://www.marketpulse.com/ to find out more about the beat of the global markets. © 2023 OANDA Business Information & Services Inc.