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RBA Maintains Current Policy Settings

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At its meeting today, the Reserve Bank of Australia (RBA) Board decided to maintain the current policy settings, including the targets for the cash rate and the yield on 3-year Australian Government bonds of 25 basis points.

According to the press release, the Bank’s market operations continue to support a high level of liquidity in the Australian financial system. Authorized deposit-taking institutions continue to draw on the Term Funding Facility, with total drawings to date of around $15 billion. Further use of this facility is expected over coming months.

Following this announcement the AUDUSD pair immediately flashed higher toward the upper 0.697 range. The initial move may have been short lived as the pair was back down in the 0.696 range as of this writing.

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