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AUD Shrugs Off Unchanged RBA Rate Announcement

AUD
AUD/USD broadly unchanged after a vanilla RBA rate decision & statement, with the main guidance unchanged from the previous announcement. The board the main policy rate unchanged at 0.1%, while QE and yield target are also unchanged with guidance from the statement indicating this will be the case for "some time".
  • The board noted inflation would need to be sustainably between 2-3%, which will itself require significant tightening of the labour market. Given the outlook, the Board is not expecting to increase the cash rate for at least 3 years.
  • AUD/USD last at 0.7368, up around 0.26% on the session. The pair has gradually moved higher during Asia hours as the greenback gives up some gains sustained in previous time zones and broader equity markets rally at the start of a new month.
  • There was also some positive news on the local COVID front, with Western Australia set to reopen its borders to Victoria and NSW on Tuesday 8 December.
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