The Reserve Bank of Australia meet on Tuesday, 2 May 2023.
- statement due at 2.30pm local time, which is 0430 GMT and 0030 US Eastern time
Last month the RBA left its cash rate unchanged after 10 consecutive rate hikes.
TD are tipping the Bank will also remain on hold at this May meeting (as is the consensus)
"The RBA hit the pause button last month, and we expect it to leave the cash rate target unchanged again as the Bank would prefer more time to assess the effects of the rapid rate hikes to date. The continued moderation in monthly CPI prints and lower Q1 trimmed mean (RBA's core inflation measure) give room for the Bank to head for an extended pause," TD notes.
"FX Curve has repriced the RBA and dragged the AUD along with it. But, risks around equity sentiment and US- centric events leave AUD vulnerable still, particularly against crosses where monetary policy is still at play (like EURAUD and AUDNZD)," TD adds.
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TD remarks come
via the folks at eFX.
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Where the RBA is at.
