The Reserve Bank of Australia (RBA) in the Asian session this morning announced that interest rates will be maintained at 3.60% for the November policy meeting, as expected by the market.
Although many borrowers hope for further cuts, the central bank stated that no cuts are currently being discussed.
This is due to the unstable labor market and price pressures that have not subsided, especially in the housing and services sectors.
In a follow-up statement after the meeting, RBA Governor Michele Bullock said that although interest rates are at a stable level, the central bank will continue to closely monitor the latest data, especially inflation and employment.
She also stressed that the central bank does not set a fixed and flexible direction for rate cuts or increases.
She also explained that the rate hikes between the third quarter of this year have contributed to increasing price pressures and need to be more cautious in making future decisions.
The Australian dollar currency did not move slowly and did not show a significant reaction after the meeting's results.
However, moving into the opening of the European session, the Australian dollar showed a more pronounced fall to a new 2-week low against the US dollar.
