RBA's high bar for hikes

The RBA maintained the current policy settings at their overnight meeting, as expected.

AUD saw a 30 pip bump and then retraced.

Slightly more upbeat on their forecasts and employment growth...

"The economic recovery in Australia is stronger than earlier expected and is forecast to continue. The Bank's central scenario is for GDP to grow by 4¾ per cent over this year and 3½ per cent over 2022".

"Progress in reducing unemployment has been faster than expected, with the unemployment rate declining to 5.5 per cent in April. Job vacancies are at a high level and a further decline

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Tim Vollans

• Spain

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