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Gear up for a HIGH IMPACT week ahead

Last week brought interesting tidings for our local Australian readers.

In particular, the much anticipated Reserve Bank of Australia (RBA) rates decision. Following an abysmal US NFP in the previous week, many analysts looked to the RBA for signs of change in its previously hawkish outlook on monetary policy.

With the recent Delta outbreak running rampage in many states across the country and the economic recovery hamstrung by extensive lockdown restrictions, one may question the Australian central bank’s resolve in winding back its QE stimulus programmes by November 2021.

Veiled within a carefully worded official statement, it appears Dr Lowe is opting to lead policy with a ‘wait and see’ approach to adjustments in planned bond purchases.

As the country battles its way through the Delta outbreak, Qluster analysts intend to monitor key employment and inflation data for any signs that may hint at future monetary policy updates.

Some key highlights from the RBA’s latest decision:

  • Benchmark official interest rate (0.1%) and 3-year bond yield target unchanged

  • Bond purchases to be wound back to A$4 billion per week from A$5 billion

  • Central bank stimulus programme extended to February 2022 with a periodic review

  • Estimates range from circa A$140 - 150 billion of bond purchases, compared to leaner A$105 billion stated in July 2021

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Don’t forget to stay tuned for this week’s technical forecasts, commentary & Trade Ideas!

See you for the next update.

- q

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