Australian Dollar jumps due to RBA

Source: Dukascopy Bank SA
On April 5, the Reserve Bank of Australia published its Rate Statement. The central bank kept the Australian base interest rate at 0.10%.

Meanwhile, the central bank revealed that due to the ongoing surge in commodity prices, the Australian economy is doing very good. 

Quoting the statement: "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 also remain supportive of growth and national income is being boosted by higher commodity prices. 

Inflation has increased in Australia, but it remains lower than in many other countries; in underlying terms, inflation is 2.6 per cent and in headline terms it is 3.5 per cent. "

Released Document

Statement by Philip Lowe, Governor: Monetary Policy Decision

The AUD/USD reacted to the news with an immediate 67 base point or 0.89% surge during the first fifteen minutes after the announcement. Moreover, the surge continued, as by 07:00 GMT the rate had reached above 0.7625.

On a larger scale, the currency pair has surged through the 2021 October and June high levels at 0.7555 and 0.7617.

Initial Reaction

Larger scale situation

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