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The RBA's May 2020 Statement on Monetary Policy reviews foreign exchange market dysfunction in March, when bid-ask spreads widened sharply and market depth declined. The Australian dollar fell to its lowest level since the early 2000s before central banks intervened.
The box examines spot and swap market conditions with a focus on Australia.
The review is a background assessment of past market stress and does not signal a new price driver. Its relevance to feed pricing is limited to the currency channel that affects Australian export values.
rba.gov.auscheme=AGLSTERMS.AglsAgent, corporateName=Reserve Bank of AustraliaMay 8, 2020Not enough comparable past events yet for a historical read.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
