The AUD/NZD cross rallies over 30 pips from the Asian session low, around the 1.0700 level after the Reserve Bank of Australia (RBA) announced its policy decision and reverses a major part of the previous day's losses. Spot prices currently trade around the 1.0730 region, up just 0.20% for the day, though remain confined in a familiar range held over the past four days.
The Australian Dollar (AUD) strengthens across the board after the RBA decided to keep the Official Cash Rate unchanged and retained a hawkish stance, saying that the Board needs to be confident that inflation is moving sustainably towards the target range. In the accompanying policy statement, the central bank noted that inflation continued to ease in the December quarter, though remained high at 4.1%. The RBA added that services price inflation declined at a more gradual pace and remains elevated.
The RBA also published the updated economic forecasts for 2024 and 2025, which showed small downward shifts in expectations for GDP and consumer inflation. The central now sees the economy to grow by 1.8% in 2024 and the CPI at 3.2% as compared to initial expectations of 2.0% and 3.5%, respectively. The favourable inflation outlook suggested that the RBA's tightening cycle is over and that the next move would be down. This acts as a headwind for the Aussie and keeps a lid on any further gains for the AUD/NZD cross
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