Looking Through The RBA

No movement for the space over the release of the RBA's latest monetary policy decision. The guidance passage was a cut & paste from the previous statement, while the Bank's language surrounding its purchase scheme and impact on the AUD was very matter of fact. Elsewhere, its tone surrounding the local economy was still cautious, while it flagged the broader risk backdrop as the driver behind the bid in AUD/USD (which is of course well documented). It was also keen to stress the need for an appropriate monetary-fiscal policy mix. All in all, it was very vanilla, with little of note to go off. Now we move to the Governor's appearance in Canberra tomorrow. YM -0.5, XM -1.5. Swaps have generally narrowed vs. ACGBs across the curve.