While Melbourne shuts down for its Melbourne Cup public holiday, market participants will probably be able to enjoy race day without having to keep an eye on the RBA interest rate move when the bank it makes its monthly announcement today.
HSBC chief economist in Australia Paul Bloxham said analysts were not expecting any movement in interest rates and would hope for signs in Friday’s statement that it did not need to cut rates further in the near future.
“This will be the first time in a few years that we won’t be nervously watching the RBA, so on Tuesday we do not expect the RBA to do anything,” Mr Bloxham said.
“We’re hoping to see more hints that the monetary policy is already working and they won’t have to deliver any more cuts.”
– See more at: http://www.theaustralian.com.au/business/markets/punters-look-forward-to-steady-rba-rates-and-us-twitter-float/story-e6frg916-1226752392882#sthash.lgOh2uZA.dpuf