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10.12.2024

European session review: AUD sees pressure after RBA’s policy statement

TimeCountryEventPeriodPrevious valueForecastActual
07:00GermanyCPI, m/mNovember0.4%-0.2%-0.2%
07:00GermanyCPI, y/y November2.0%2.2%2.2%


AUD fell against other major currencies in the European session on Tuesday as investors continued to digest the Reserve Bank of Australia’s policy statement.

The RBA announced earlier today that its policymakers decided to keep its interest rates on hold at its December meeting. The decision was in line with expectations of money market participants and economists. However, the Australian central bank’s statement accompanying the decision sounded, in markets’ views, rather dovish as it noted that “some of the upside risks to inflation appear to have eased” and revealed that the policymakers are “gaining some confidence that inflation is moving sustainably towards the target”.

Markets interpreted the RBA’s statement as paving the way for a rate reduction at its February 2025 meeting.


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