Interest rate stability sparks Aussie volatility

The Australian dollar was the big winner out of this afternoon's statement by the central bank, as the Reserve Bank gave up its easing bias.

The RBA set currency markets abuzz this afternoon following its first meeting for 2014. In what was a keenly anticipated media statement the central bank departed from previous statements, sending the Aussie dollar higher.

Since the last statement on December 3, the RBA has removed reference to an “uncomfortably high” Aussie dollar. The other big change comes at the conclusion of the statement with the board taking the view that “the most prudent course is likely to be a period of stability in interest rates”. A clear signal that they do not expect to have to adjust the cash rate for a while.

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