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A$ Dips As RBA States Not On a Pre-Set Rates Path  ​​

AUD

The A$ is making fresh lows post the RBA rate hike announcement, which was +50bps as expected. The RBA still expects to undertake further policy normalization in the months ahead but stated it is not on a pre-set path around further rate hikes, which the market has taken as dovish. AUD/USD is tracking sub 0.6970, around 0.8% below NY closing levels. It is also making fresh lows the yen and NZD. AUD/JPY is under 91.15, fresh lows back to late March, while AUD/NZD is under1.1040.

  • AU yields are lower across the board, with the 2yr back to 2.40%, from earlier highs above 2.47%. Roughly 10bps has come of out pricing for the September RBA meeting (implied rate now sits back at 2.15%), so a little more than a 25bps hike now priced in.
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