Breaking: RBA hikes OCR by 25 bps to 3.60% in March, as expected
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The Reserve Bank of Australia (RBA) board members delivered the tenth consecutive interest rate hike in March, lifting the Official Cash Rate (OCR) by another 25 basis points (bps) from 3.35% to 3.60%, as widely expected.
Economists surveyed by Reuters revealed that the RBA would announce its fifth straight quarter-point interest rate hike on Tuesday, followed by one more lift next quarter, before pausing until next year.
In a knee-jerk reaction to the RBA decision, the AUD/USD pair dropped nearly 30 pips toward 0.6700. At the time of writing, the Aussie is down 0.06% on the day, trading at 0.6720.
AUD/USD: 15-minutes chart
RBA Interest Rate Decision is announced by the Reserve Bank of Australia. If the RBA is hawkish about the inflationary outlook of the economy and rises the interest rates it is positive, or bullish, for the AUD. Likewise, if the RBA has a dovish view on the Australian economy and keeps the ongoing interest rate, or cuts the interest rate it is seen as negative, or bearish.
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