The Reserve Bank of Australia October monetary policy decision and Statement is today

  • Announcement will come at 0430 GMT
  • There will be no change to the cash rate
  • Governor Lowe will issue his 'accompanying statement' as usual, at the same time
  • There is no press conference (there never is but sometimes i get asked, so just noting it)

Based on recent experience (recency bias!) the immediate impact on the Australian dollar is likely to be very small. Unless there is some surprise of course.

Earlier previews are here:

This via Westpac, bolding mine:

The RBA will hold rates unchanged at their October meeting, as they have since they last cut rates in August 2016.

  • The Governor's decision statement will repeat the line that: "further progress in reducing unemployment and having inflation return to target is expected, although this progress is likely to be gradual".

Economic growth over the past year was above trend, at 3.4%; inflation is in the target band, at 2.1%; and unemployment has declined to a six year low, 5.3%.

  • However, uncertainties and challenges remain, notably around the consumer, weak wages growth, high household debt levels and housing, as prices ease following strong gains and as lending conditions tighten.

We expect the RBA cash rate to remain unchanged at 1.50% throughout 2018, 2019, and during 2020.