Daily digest market movers: RBA's hawkish tone directs the AUD
- The Reserve Bank of Australia firmly held rates steady at 4.35%, strongly echoing "the Board is not ruling anything in or out”.
- Importantly, the Bank warned about the need to stay vigilant toward potential upside risks to inflation, indicating no quick turnaround in policies.
- RBA's Governor Bullock clearly stressed on Thursday that there is lesser necessity for rate cuts. She struck a hawkish tone, stating that the board "will not hesitate to raise rates if it needs to" to combat persisting inflation.
- Australian interest rate futures were quick to revise from almost 50 bps of cuts by the end of the year to 25 bps.
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