While market players are more interested in the US Nonfarm Payrolls (NFP), National Australia Bank (NAB) came out with its forecast for the Reserve Bank of Australia (RBA) monetary policy moves during the much-awaited July meeting.
The Aussie bank signals the RBA extending Quantitative Easing (QE) but reducing the quantity purchased from the current $100 billion to $75 billion over the six months.
“RBA will refrain from rolling its Yield Curve Control (YCC) bond forward to the November 2024 ACGB, instead of keeping it at the April-2024 bond,” added NAB.
On the same line, Westpac said, “The RBA Board is likely to decide that there will be no extension of the YCT to the November 2024 bond at the July Board meeting because such action would imply no tightening till 2025.”
Read: AUD/USD steadies near seven-week low, US NFP eyed to conquer 0.7650