- Home
- Blog
- Currency News
- RBA Expected to Keep Rates on Hold, But For How Long?
RBA Expected to Keep Rates on Hold, But For How Long?
November 4, 2019 — 2 min read
The AUDUSD opens at 0.6888 (mid-rate) this morning and the NZDUSD opens at 0.6402 (mid-rate) this morning.
The RBA are set to keep rates on hold at this afternoon's monetary policy meeting, with investors looking for clues in the policy statement regarding the possibility of the bank cutting later this year or in early 2020. Currently the market is pricing in a 70% chance the OCR will be at 0.50% by the end of Q1 2020.
Wall Street posts new record highs with US Commerce Secretary Wilbur Ross’s comments adding to US-China trade talk optimism.
Ross described the phase one agreement as "particularly complicated" but said "we're in good shape, we're making good progress”, and there's no natural reason why it couldn't be signed this month. Ross also said licenses for US firms to sell components to China's Huawei Technologies would be coming "very shortly."
The Dow, Nasdaq and S&P are all up circa 0.5% but have given back some of their gains as we approach the New York close.
The EUR received a welcome boost overnight after Markit data showed the Euro-zone manufacturing sector shrank slightly less than initially forecast in October and investor confidence spiked to its highest level since June, in November.
The investor confidence index for Euro-zone climbed to -4.5 from -16.8 in October, well ahead of forecast a score of -13.8.
Global equity markets are on the front foot - Dow +0.52%, S&P 500 +0.49%, FTSE +0.79%, DAX +1.35%, CAC +0.45%, Nikkei Closed, Shanghai +0.58%
Gold prices are marginally higher, up 0.3% trading at $1,509 an ounce. WTI Crude Oil prices are up 1.2%, trading at $56.96 a barrel.
Our MarketWatch page is live, please click here to access.
Get in touch with us for more information or pricing.
Would you like daily international currency market news and insights delivered to directly to your inbox? Sign up to our country-specific updates below, and please browse the rest of our blog for more insights from XE offices around the globe.