Weekly Cryptonews
The first part of the week was more than optimistic for Bitcoin. However, now it is going through the correction phase.
Will the RBA cut its rate?
The Reserve bank of Australia will announce its interest rate and release a statement on May 7, at 07:30 MT time.
The main question in focus will be whether the Reserve bank will cut its interest rate to 1.25% or not. Analysts mention the projections for lower GDP growth and inflation as the main reasons why the rate cut may happen. Others remember the positive figures for employment which may weight against the rate cut. They also expect the RBA to wait until the elections before making changes to the current interest rate. At the moment, the anticipation of the rate cut is priced in. If the interest rate remains at the same level, it will help the aussie to gain positive momentum.
• If the RBA is hawkish, the AUD will go up;
• If the RBA is dovish, the AUD will go down.
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