A Melbourne Cup day rate change appears unlikely according to sportsbet.com.au after the RBA today announced rates would remain on hold through October.
· RBA favoured to keep rates on hold in November.
· November rate change and Hartnell to win the Melbourne Cup double paying $24.
The online bookmaker has this afternoon opened its market for the November RBA decision, with no change the $1.20 favourite.
A cut of up to 25 basis points is paying $4.00, with an equivalent rise the other way paying $13.
With the next RBA decision due on Melbourne Cup day, Sportsbet has released a November Rate Cut/Melbourne Cup double market to mark the occasion, headed up by Hartnell.
If Hartnell salutes and the RBA changes the official cash rate the online bookie will pay $24, with Imandin, Big Orange, Bondi Beach and Jameka all paying $60 if their win comes alongside a change in the official cash rate.
“After holding fire again in October, the odds suggest we won’t see any rate change until at least December, with November expected to remain the same,” said sportsbet.com.au’s Ben Bulmer.
“While we don’t expect next month’s RBA decision to stop the nation, it falls on the same day as the race that does, with a rate change and Hartnell winning the Melbourne Cup paying a healthy $24.”
Markets courtesy of sportsbet.com.au
November RBA Decision
$34 Decrease by 0.26% or more
$4.00 Decrease by 0.01% to 0.25%
$1.20 Stay the same
$13 Increase by 0.01% to 0.25%
$51 Increase by 0.26% or more
November Rate Cut/Melbourne Cup Double
$60 Big Orange
$60 Bondi Beach
$68 Heartbreak City
$68 Wicklow Brave
$84 Curren Mirotic
$84 Our Ivanhowe