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Little Reaction To RBA SoMP

AUD

AUD/USD hasn't reacted a great deal to the RBA Quarterly SoMP. We are close to session lows, but overall ranges have been tight, with the pair currently at 0.6930/35. This is in line with the USD mostly higher against the majors.

  • In terms of the RBA's forecast changes, the most notable came through in terms of the trimmed mean, nudged up to 6.25% y/y for end Q2 (versus 5.50% prior), end 2023 is now at 4.25%, from 3.75% prior. There was a slight downward revision to the 2024 profile for the trimmed mean.
  • AU bond yields are mostly lower from earlier session highs.
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