# Statement by Philip Lowe, Governor: Monetary Policy Decision - June 2022 | Media Releases | RBA

> The Reserve Bank of Australia raised its cash rate target by 50 basis points to 0.85% on 7 June 2022 and lifted the interest on Exchange Settlement balances to 0.75%. The statement said inflation has risen significantly, driven by global supply disruptions and the war in Ukraine, and expects further increases before moderating.

- Date: 2022-06-07 · published 2022-06-07T12:00:00.000Z
- Category: macro · region Australia · magnitude medium
- Page: https://feedsoft.ai/events/41203-statement-by-philip-lowe-governor-monetary-policy-decision-june-2022-media
- Commodities: [US Dollar (Broad)](https://feedsoft.ai/c/DXY.md)

## Why it matters

Aggressive tightening strengthens the Aussie dollar and raises borrowing costs for Australian feedlots, dairies and grain handlers, while higher rates tend to weigh on commodity demand and prices.

## Read by commodity

- DXY: bullish ▲

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| DXY | 2018-12-04 | [Statement by Philip Lowe, Governor: Monetary Policy Decision - December 2018 \| Media Releases \| RBA](https://feedsoft.ai/events/61810-statement-by-philip-lowe-governor-monetary-policy-decision-december-2018-media.md) | +0.7% | -0.4% |
| DXY | 2025-02-18 | [Box A: Implications of US Policy Settings for Financial Markets \| Statement on Monetary Policy – February 2025 \| RBA](https://feedsoft.ai/events/26334-box-a-implications-of-us-policy-settings-for-financial-markets-statement-on.md) | +0.0% | -1.4% |
| DXY | 2023-10-31 | [USDBRL should reflect monetary policy decisions from Brazil, the US, Japan, and England and data for the US and China](https://feedsoft.ai/events/33832-usdbrl-should-reflect-monetary-policy-decisions-from-brazil-the-us-japan-and.md) | -1.4% | -2.9% |
| DXY | 2022-12-14 | [Currencies: Volatility Due to Monetary Policy Decisions in Europe - Stocks and Securities \| Investments and Western Union Money Transfers Colombia](https://feedsoft.ai/events/38505-currencies-volatility-due-to-monetary-policy-decisions-in-europe-stocks-and.md) | +0.2% | -2.0% |
| DXY | 2017-05-03 | [FOMC Dollar rises gold extends fall after Fed policy statement](https://feedsoft.ai/events/70920-fomc-dollar-rises-gold-extends-fall-after-fed-policy-statement.md) | +0.6% | -1.2% |

## Sources

- rba.gov.au: https://www.rba.gov.au/media-releases/2022/mr-22-14.html

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Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.