# Statement by Philip Lowe, Governor: Monetary Policy Decision - November 2020 | Media Releases | RBA

> The Reserve Bank of Australia cut its cash rate target to 0.1 per cent and announced purchases of A$100 billion in government bonds over six months. It also reduced the yield target on the 3-year bond and the rate on Term Funding Facility drawings. The bank said the recovery from the pandemic would be bumpy and drawn out.

- Date: 2020-11-03 · published 2020-11-03T12:00:00.000Z
- Category: macro · region Australia · magnitude low
- Page: https://feedsoft.ai/events/50399-statement-by-philip-lowe-governor-monetary-policy-decision-november-2020-media
- Commodities: [Australian Dollar (USD per AUD)](https://feedsoft.ai/c/AUDUSD.md)

## Why it matters

Lower Australian rates and bond buying tend to weaken the AUD, which can support Australian export competitiveness for grains and feed commodities priced in USD.

## Read by commodity

- AUDUSD: bearish ▼

## Sources

- rba.gov.au: https://www.rba.gov.au/media-releases/2020/mr-20-28.html

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