RBA monetary policy meeting Tuesday 1 June 2021 - preview - no fireworks

Reserve Bank of Australia meeting is June 1 2021

• announcement and Governor Lowe's Statement are due at 0430GMT

Earlier preview here:

• it will be difficult for the RBA to appear as hawkish as the RBNZ

The RBA is unanimously expected to remain on hold and reiterate its dovish bias. As we go into the meeting day:

• data on the economy from Australia has been moving along in pretty much inline with RBA expectations
• upside surprises have been lacking
• the latest lockdown in Australia's second-most populous state Victoria further justifies the RBA's cautious stance
• minutes from the RBA May meeting indicate consideration will be given to adjustments to the yield curve control and other quantitative easing policies at the July meeting, not this one (or as NAB pout it: any fireworks regarding the fate of YCC and QE don't happen until July)