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Many analysts are making the case that the RBA is increasingly likely to cut rates. This is due to the potential economic impact of the COVID-19 outbreak. On the other hand, many are arguing that it’s too soon. With this lack of agreement, there could be significantly more volatility in the markets after the rate is announced. Though one of the factors inclining towards a rate hold is that no conference call is currently scheduled for after the meeting.

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Despite the differences in outlook and opinion, the summary of expectations is that the RBA will keep rates on hold this time around. What the market will be very keen on is the accompanying statement. This will provide clues as to when the next rate cut will happen. Price action is likely to be all about timing; what is being priced in, it’s the when that leaves actionable uncertainty.

What are we arguing over?

The consensus of analysts is pret...

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