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TD Securities analysts note that the RBA left the cash rate unchanged at 1.50% in line with their expectations, with no easing bias detected in their statement.

Key Quotes

“The decision was a close call, with over half of analysts (Bloomberg) expecting a cut. Even many of those that did not expect a cut looked for an easing bias.”

“In the event the RBA did neither, pressuring rate markets and causing the AUD to rally. All eyes turn to the RBNZ tomorrow.”