The full post on today's Reserve Bank of Australia announcement is here:
After the decision hit the Australian dollar gave back around half of its earlier session gain and that has deepened further, all of the session gain is nearly erased now.
If you are just tuning in, the main points from the RBA were:
- The Bank's QE program has been extended
- an extra AUD100bn in buying
- at a rate of AUD 5bn a week
- begins in mid-April when the current program is finished
- The Bank gave guidance that it does not expect the conditions for a cash rate hike to be in place until 2024 at the earliest
- Its outlook on economic developments improved a little
On the Australian dollar there was some very gentle jawboning only:
- exchange rate has appreciated and is in the upper end of the range of recent year
