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Asian markets are rising on the back of a subdued dollar, lower U.S. bond yields and looser financial conditions that the more benign outlook for U.S. interest rates lately has delivered, and Tuesday looks like being another positive day for risk assets.
The main event, though, is the Reserve Bank of Australia's policy decision. Or, more accurately, the guidance offered by Governor Michele Bullock in her press conference after the bank keeps its cash rate on hold again at 4.35%. Since then, U.S. rate cut expectations have receded further, the Australian dollar has recovered some ground, and domestic inflation has not cooled as much as analysts or policymakers had hoped.
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