AUD traders – Huge week coming up from the RBA: Policy meeting, Gov. Bullock speaks

The Reserve Bank of Australia meeting is Monday and Tuesday (August 5 and 6).

The basically unanimous expectation is for a hold for the cash rate, a ‘hawkish’ hold.

The RBA policy announcement is due at 2.30pm Sydney time on Tuesday, August 6, 2024:

• 0430 GMT, and 0030 US Eastern time
• this will be accompanied by the release of the latest Statement on Monetary Policy (SoMP) (more on what this is below)

Governor Bullock will hold her press conference an hour later.

Assistant Governor (Economic) Hunter speaks the next day.

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The RBA’s Statement on Monetary Policy.

• It outlines the bank’s views on domestic and international economic conditions.
• also provides an analysis of the bank’s policy decisions and an outlook for inflation and output growth.
• It typically includes:
  • An overview of the global and domestic economic situation, which incorporates various factors such as growth, inflation, employment, and monetary and fiscal policies of key countries.
  • Information about financial markets, which details changes in asset prices, exchange rates, and monetary policy settings worldwide.
  • Domestic economic conditions, which provides a comprehensive analysis of key indicators including GDP, consumer spending, business investments, the labor market, and housing market.
  • Forecasts for domestic economic activity and inflation, typically for a period of two years ahead. And an assessment of the balance of risks surrounding these forecasts.

The Statement is released quarterly.

This article was written by Eamonn Sheridan at www.forexlive.com.