The RBA once again maintains the interest rate at 0.25%
After the interest rate meeting, the RBA maintained the interest rate unchanged at 0.25% as expected. In its statement, the RBA threatened to maintain a low interest rate policy for a long time. However, unlike last week’s remarks, Governor Lowe said that he is preparing to increase the quantitative easing policy and use it when necessary to maintain a low interest rate environment. Recalling last week Lowe said that the economic damage caused by the epidemic was less than expected, so I believe that there is no need to further push the policy of quantitative easing. However, the above-mentioned Lowe’s remarks did not affect the Australian dollar exchange rate.
Global oil production reduction measures begin to reach consensus
According to a quote from Bloomberg, Russia and several organizations of oil exporting countries and allies is gradually extending a consensus on the current output reduction measures for more than a month, is not only reducing output to July as originally planned. The news also pointed out that Saudi Arabia has always supported the extension of production cuts for one to three months, which is inconsistent with Russia’s stance on relaxing production cuts. Russia is willing to compromise the news, so that the market hopes that the oil-producing countries may announce the extension of the agreement at the meeting of this Thursday (4th) as soon as possible, so that the oil-producing countries’ production reduction can maintain a record high of more than a month.
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