Economic calendar in Asia Tuesday, November 19, 2024 – RBA minutes

Reserve Bank of Australia November meeting minutes due today:

• 0030 GMT
• 1930 US Eastern time

I characterised the statement from the meeting as hawkish:

• AUD little changed after hawkish RBA
• Reserve Bank of Australia leaves cash rate unchanged at 4.35%, as expected

After the statement Governor Bullock spoke:

• RBA governor Bullock: Rates need to stay restrictive for the time being
• RBA governor Bullock: Current market pricing on cash rate is as good as any

Bullock spoke again last week:

• RBA Bullock says rates are restrictive enough, staying there until confident on inflation

The Bank appears to be on hold until the second or third quarter of 2025, but Goldman Sachs differs:

• Goldman Sachs lower its forecast for Australia’s economic growth in 2025 on Trump vs China …
  • Goldman Sachs forecasts a 25bp Reserve Bank of Australia rate cut in February 2025

Eyes and ears open for the minutes today, lets see if there are further clues on the rate cut path ahead:

This article was written by Eamonn Sheridan at www.forexlive.com.