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How will AUD React to the RBA Rate Statement?
What will happen?
Reserve Bank of Australia will announce the interest rate at 07:30 (GMT+3) on Tuesday, September 7.
It's among the primary tools the Reserve Bank Board uses to communicate with investors about monetary policy. It contains the outcome of their decision on interest rates and commentary about the economic conditions that influenced their decision. Most importantly, it discusses the economic outlook and offers clues on the outcome of future decisions.
In the past statement on August 3, RBA did not make any changes in the interest rate and government securities purchase rate, but at the same time it announced that the economic recovery has been stronger than it was earlier expected. AUD/USD grew by 0.5%.
How to trade on the RBA Rate Statement?
- If the statement is more hawkish than the forecast, the AUD is likely to strengthen against other currencies.
- If the statement is more dovish than expected, the AUD is likely to weaken against other currencies.
Instruments to trade: EUR/AUD, AUD/USD, AUD/CAD
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