European Markets Wrap-Up: Heads up: RBA monetary policy decision set for the bottom of the hour

Tuesday, 05 May, 2026 Central Banks Heads up: RBA monetary policy decision set for the bottom of the hour In bringing the cash rate back to 4.35%, the RBA will have essentially reversed its brief easing cycle in 2025. This will then bring interest rates back to the recent peak levels seen during 2024, whi News investingLive Asia-Pacific FX news wrap: Awaiting the RBA, expected to hike by 25bp Bank of Canada's Macklem backs Fed independence ahead of Powell departure RBA set to hike to 4.35% today. NAB sees cash rate peaking near 4.6%. Rabobank holds yen bull view despite poor run, eyes Horm Learn more Central Banks Bank of Canada's Macklem backs Fed independence ahead of Powell departure Bank of Canada Governor Tiff Macklem told parliament he expects the Federal Reserve's culture and conduct to continue unchanged under its incoming chairman, dismissing concerns about Fed independence Central Banks RBA set to hike to 4.35% today. NAB sees cash rate peaking near 4.6%. National Australia Bank expects the RBA to hike 25bp to 4.35% on Tuesday, with updated forecasts likely to show a terminal rate of around 4.6% as energy-driven inflation and above-potential growth lim Forex Rabobank holds yen bull view despite poor run, eyes Hormuz as key risk Rabobank is maintaining its forecast for USDJPY to end the year at lower levels, citing Japan's structural shifts, while flagging the Strait of Hormuz timeline as a key assumption underpinning the cal News Australian data: March household spending +1.6% m/m (prior +0.3%) Australian data, March 2026 household spending +1.6% m/m (prior +0.3%) +0.7% q/q +6.3% y/y (prior +4.3%) Spending jumped by the most in over two years in March. Transport costs soared due to much high Commodities Iran launches boats, missiles and drones at US warships in Hormuz confrontation The USS Truxtun and USS Mason transited the Strait of Hormuz under a sustained Iranian barrage of small boats, missiles and drones, entering the Persian Gulf without either vessel being struck, per US Commodities Chevron chief compares Hormuz crisis to 1970s oil shocks as shortages loom Chevron CEO Mike Wirth warned Monday that physical oil shortages will begin appearing globally due to the Strait of Hormuz closure, with Asian economies first to shrink as supply buffers are exhausted Learn more Stock market update S&P 500 target of 7,600 reaffirmed as Goldman warns on inflation and rate cut constraints Goldman Sachs strategist Tony Pasquariello says the US equity bull market primary trend remains higher but flags energy prices as a clear danger and warns risk-reward has deteriorated after a historic

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