Westpac have updated thier forecasts from the Reserve Bank of Australia. In summary:

  • We have lifted our forecast for the RBA's terminal rate from 2.35% to 2.6%.
  • That entails a 50 basis point lift in the cash rate at the August meeting (revised up from 25 basis points) prior to a pause in September.
  • The last hike is expected be 25 basis points in February.

AUD/USD has languished on the session here:

aud rba 23 June 2022