AUD/USD flows: Unfazed by RBA

In the November meeting, the RBA has kept rates unchanged at 4.35% without a hint they will be cutting earlier despite headline CPI approaches target range. RBA acknowledged the fall in inflation but highlighted such moderation was partially due to government rebate. The rhetoric continues to push back expectation of early easing but provides little news, suggesting their view of first cut in mid 2025 did not change.

The Aussie is unfazed by the decision as it did not change expectation. AUD/USD remains 0.1% higher at 0.6591.