RBA interest rates are expected to stay on hold

At today’s board gathering, the Reserve Bank of Australia isn’t supposed to make any changes to its official cash rate. However, financial analysts are assured that worries regarding the surging AUD are going to be front and centre.   

The bank’s board is going to gather for the first time in Hobart, as one of two gatherings a year it normally holds outside its Sydney headquarters.   

While the country’s major bank’s heading south, a recent survey of twenty six financial analysts states that none of them expects the cash rate to tumble from its current level of 2%.     

In May 2015, the RBA’s last rate cut took place, when up to 25 basis points were deleted.   

Last month’s speech held by Glenn Stevens, the RBA’s governor offered rather a positive assessment of the domestic economy, thus prompting experts to speculate that interest rates would stay intact for an uncertain period.    

However, economists point out that the commentary accompanying today's monetary policy statement is going to be noteworthy, with the AUD likely to take on greater significance.

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