Fewer economists expecting a November Cup Day RBA rate cut: Bloomberg

The number of economists expecting a cash rate cut to 3% at the Reserve Bank’s November 6 meeting has dropped in recent weeks.

This week, 21 out of 28 surveyed economists expect the rate cut, according to the Bloomberg survey.

Swaps traders are now pricing in a 55% chance of a cut on November 6.

Last week 23 out of 27 economists  expected it to drop with swaps traders then pricing in a 79% chance of a cut and the week prior it was 21 out of 26 economists with swaps traders then pricing in an 80% chance of a cut.

Almost all economists polled, 25 out of 28, expect the rate to be 3% after the December 4 decision.