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How will the RBA react to the coronavirus?
The Reserve bank of Australia will release its rate statement and announce a decision on the interest rate on March 3, at 5:30 MT time.
Instruments to trade: AUD/USD, AUD/JPY, AUD/CHF
The Reserve Bank of Australia is responsible for making monetary policy decisions. Every month, the bank publishes the rate statement, where it highlights current risks and opportunities for the economy. Based on the initial data, the RBA decides to either raise or cut its interest rate. Also, it shares the forecasts which may be used as a preview into the future monetary policy decisions. Recently, Australia has been facing many troubles, including forest fires and coronavirus. That is why it will be particularly interesting to hear the position of the Reserve bank of Australia and its Governor Philip Lowe on the current situation and further path of the interest rate.
- If the RBA is hawkish, the AUD will be supported;
- If the RBA is dovish, the AUD will weaken.
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