AUD traders heads up – Reserve Bank of Australia meeting underway – statement due Tuesday

The Reserve Bank of Australia is expected to leave its cash rate unchanged at 4.35%.

The statement is due at 2.30 pm Sydney time on Tuesday, November 5, 2024:

• 0330 GMT
• 2230 US Eastern time (Monday evening)
• Reserve Bank of Australia Governor Bullock press conference will follow an hour later

As far as the tone of the statement, its expected the Bank will dial back the hawkish rhetoric a little given the lower inflation reading from the Australian Bureau of Statistics last week:

• ForexLive Asia-Pacific FX news wrap: Australian headline CPI dips into target band (but …)

We’ve had some data just today that indicate inflation is still a risk, and that the labour market is steady/strong:

• Australian October Melbourne Institute Inflation Gauge +0.3% m/m (prior +0.1%)
• Australian ANZ Job Advertisements for October +0.3% m/m (prior +2.3%)

These data won’t influence the RBA meeting, but won’t be ignored either.

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Earlier previews:

• The RBA meeting next week marks a year of unchanged cash rate at 4.35% – no cut until 2025
• Its unanimous, Reserve Bank of Australia to hold cash rate at 4.35% at next week’s meeting

Reserve Bank of Australia Governor Bullock

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