I posted this earlier - RBA Statement on Monetary Policy (SOMP) due today - what to expect

Some quickie previews to add:


  • The RBA Statement on Monetary Policy will provide the RBA's updated forecasts.
  • The RBA forecasts will now be a point estimate to the nearest quarter point rather than a range.
  • Westpac expects unchanged 2018 and 2019 forecasts (mid-point of range), but 2017 growth to be revised up to 2.75% and inflation down to 1.75%.


  • The RBA's Statement on Monetary Policy is the highlight today (11.30am Sydney).
  • Following Tuesday's Board meeting, we do not expect the SMP to move the AUD much today.
  • There is a small chance the SMP modestly weighs on Australian interest rate expectations if the RBA trims the near-term underlying Inflation forecasts following weaker Q3 inflation.

Also, CBA snippet on the AUD/USD: firmer overnight but is still struggling to push higher once it approaches 0.7700.