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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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Free AccessRBA Review - September 2020: Off Guard
Off Guard
The Reserve Bank of Australia (RBA) left its headline monetary policy settings, namely its cash rate and 3-Year government bond yield targets, unchanged, but its statement managed to provide several sources of interest, going against the grain of broader expectations, which looked for a very sanguine affair.
Key points listed below:
- All in all, September's meeting did little to shake the monetary landscape.
- Yes, the TFF tweak came ahead of the time that most had pencilled in, but at least some form of an extension was widely expected.
- The language surrounding the A$ provided little fresh information, but was a more forceful way for the Bank to highlight that it will not lean against the wind if currency moves are driven by fundamentals.
- Finally, the alteration in the guidance paragraph is perhaps dovish at the margin, but the Bank had already outlined potential methods that it could employ to ease it its already very loose monetary settings.
- Most believe that an upscaling of ACGB purchases would be its first port of call, and the September decision has done little to alter this. We already knew that the Bank was willing to do more on the easing front, if required, but is hesitant to do so. It will look to maintain a healthy amount of liquidity in the system (E/S surpluses are well above historical norms, but shy of the record seen in April), which will keep the cash rate well through target, as has been the case in recent months.
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.