Australia hikes interest rates

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Source: Dukascopy Bank SA


The markets expected that the Reserve Bank of Australia would not increase its official Cash Rate. Namely, the interest rate was expected by most to remain at 3.60%.

Instead, this morning at 04:30 GMT, the RBA hiked the interest rate by 0.25%. The current rate is at 3.85%, which is the highest level since 2012. Moreover, the central bank has announced that it is set to continue with tightening monetary policy in an effort to combat too high inflation.

The interest rate hike caused a surge of the Australian Dollar, as the markets adjusted to increased Aussie rates.
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