Australia's central bank is expected to go for a final 25 basis point interest rate hike to 3.85% on Tuesday, although forecasts from economists polled by Reuters suggest the decision on whether to hike or hold rates is on a knife edge.
A new monthly measure of Australian consumer prices on Wednesday showed inflation slowed to an eight-month low of 6.8% in February from 7.4% the previous month, bolstering the case for a pause in rate hikes.
by 25 basis points to 3.85% at its April 4 meeting. But the market is pricing in no further hikes from the current rate. "The softer headline inflation print for the month of February will not be sufficient for the RBA to abandon their tightening bias as labour market indicators, forward indicators and the still comparatively high level of inflation all point to the need for further tightening," wrote Benjamin Picton, senior macro strategist at Rabobank.Among major local banks, ANZ and NAB forecast a hike at the April meeting, with ANZ predicting a higher terminal rate of 4.10%.
"In a short period of time the RBA has both dialled up and subsequently dialled down their rhetoric on just how much more tightening they think they are likely to deliver."
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