The Reserve Bank of Australia (RBA) board members decided to keep the official cash rate (OCR) steady at a record low of 0.10% during their April 5 monetary policy meeting.

The RBA monetary policy statement read that the Australian economy remains resilient and spending is picking up following the omicron setback.

 The central bank shifted towards a hawkish pivot as it dropped its ‘patient’ stance on the inflation developments.

AUD/USD reaction

The AUD/USD pair jumped nearly 40-pips in an immediate reaction to the RBA decision.

The spot was last seen trading at 0.7579, up 0.50% on the day.

About RBA rate decision

RBA Interest Rate Decision is announced by the Reserve Bank of Australia. If the RBA is hawkish about the inflationary outlook of the economy and rises the interest rates it is positive, or bullish, for the AUD. Likewise, if the RBA has a dovish view on the Australian economy and keeps the ongoing interest rate, or cuts the interest rate it is seen as negative, or bearish.