Search ForexCrunch

There were no surprises with the RBA keeping the cash rate at 0.25% and reaffirming its commitment to initiatives outlined on 19th March, per TD Securities.

Key quotes

“The RBA kept the cash rate on hold as expected at 0.25%, affirming its commitment to the 3yr 0.25% yield target and other measures announced on 19th Mar.”

“The Bank shied away from providing guidance on growth, other than stating contractions will be large and unemployment will head higher.”

“The Bank indicated market functioning has improved globally and this is evident in Australia as well. If this continues, the RBA expects the scale of its support to be smaller and less frequent.”