Market now pricing in 60% chance of rate cut in February
That’s two months ahead of the event so you can’t tell me that the statement was anything other than ‘maintaining easing bias’.
That means that the only explanation for the post-RBA AUD rally is that the market was overly short. What would have happened had they not eased! The old saying goes that a currency that goes up on bad news is bound to keep going higher! (I hope it’s wrong this time!).