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Australian dollar weakens mildly after the expected RBA hike as economists are taking the messages from the accompanying statement as a signal to pause in the tightening cycle. RBA became the first central bank to raise rates twice this year and hiked 25bps to 3.50% today. The bank noted in the accompany statement that the "adjustments at the October and November meetings will work to increase the sustainability of growth in economic activity and keep inflation consistent with the target over the years ahead," which is taken a a signal that it will pause for some time. Also, the bank noted that strength in Australian dollar might "constrain output in the tradeables sector and dampen price pressures." Aussie weakens mildly but remains in tight range against dollar and yen. Risk sentiments will likely remain the major driving force in movements in Aussie exchange while tomorrow's retail sales report will be a factor to trigger volatility too.
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