Australia keeps rates unchanged

Source: Dukascopy Bank SA
On Tuesday, March 1, at 03:30 GMT the Reserve Bank of Australia published its Monetary Policy Decisions. In general, the central bank kept its cash rate at 0.10%. Meanwhile, the bank commented on the global economy and the conflict ongoing in Ukraine.

Quoting the statement: "The global economy is continuing to recover from the pandemic. However, the war in Ukraine is a major new source of uncertainty. Inflation in parts of the world has increased sharply due to large increases in energy prices and disruptions to supply chains at a time of strong demand. The prices of many commodities have increased further due to the war in Ukraine. Bond yields have risen over the past month and expectations of future policy interest rates have increased.

The Australian economy remains resilient and spending is picking up following the Omicron setback. Household and business balance sheets are in generally good shape, an upswing in business investment is underway and there is a large pipeline of construction work to be completed. Macroeconomic policy settings remain supportive of growth."

Released Document

Statement by Philip Lowe, Governor: Monetary Policy Decision

On the release, the AUD/USD currency exchange rate dropped 12 base points during a period of 15 minutes. However, afterwards, the pair recovered by 0.59% or 43 base points.

On a larger scale, the rate is surging since the end of January, as it approaches the 0.7300 mark.

Initial Reaction

Larger scale situation

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