Reserve Bank of Australia

That makes it back-to-back meetings now that the RBA has surprised markets or at least gone against the expected decision outcome. I outlined earlier how the risks are not really skewed to either side here. And the Australian dollar has benefited from this in a jump from around 0.6615 earlier to 0.6670 on the day. The 200-day moving average is the next key upside target to watch, sitting at 0.6690.

Looking at the details of the statement, the RBA continues to keep the focus on inflation pressures and made no change whatsoever to the final paragraph with regards to forward guidance.