RBA Delivers Expected Rate Hike, Markets Now Focus on Bullock's Press Conference

The Reserve Bank of Australia (RBA) delivered its expected 25 basis point interest rate hike to 4.6%, marking a unanimous decision by the Board.

The accompanying statement carried a more hawkish tone, warning that the RBA is prepared to increase rates further if necessary to bring inflation back to target.

RBA Governor Michele Bullock's press conference now takes center stage, with markets assigning around a 44% probability of another rate hike in November.

The AUD/USD currency pair has been coiling near bear pennant support, awaiting direction from the RBA's comments on inflation and growth.