RBA keeps OCR on hold at 0.10%, AUD/USD unfazed

Dhwani Mehta FXStreet

The Reserve Bank of Australia (RBA) board members decided to keep the official cash rate (OCR) steady at a record low of 0.10% during their March 1 monetary policy meeting.

The RBA monetary policy statement read that the board is prepared to be patient while highlighting that the war in Ukraine is a major new source of uncertainty.

AUD/USD reaction

The AUD/USD pair keeps its range around 0.7255 in an immediate reaction to the RBA decision.

The spot was last seen trading at 0.7254, down 0.12% on the day.

About RBA rate decision

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.

Author

Dhwani Mehta

FXStreet

Residing in Mumbai (India), Dhwani is a Senior Analyst and Manager of the Asian session at FXStreet. She has over 10 years of experience in analyzing and covering the global financial markets, with specialization in Forex and commodities markets.

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