RBA Monetary Policy Decision Review

5/05/2020 10:49:00 AM
  • RBA says maintains 3yr yield target at 0.25%
  • Board will not raise the cash rate target until the economy meets inflation and employment goals
  • Will maintain efforts in keeping funding low and credit available
  • Stronger recovery is possible if there is further substantial progress in containing coronavirus in the near-term
  • Sees output falling 10% in H1 and by around 6% for the year before rebounding 6% next year in its baseline scenario.

Reaction

AUD/USD immediately moved lower by 8 pips to 0.6436 from 0.6444.
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