ASX 200 Weekly Wrap: RBA unleashes ASX’s inner animal

The S&P/ASX 200 Index (ASX: XJO) has just capped off its best week since November 2020 and risen to its highest level in 11 months.

The index surged a significant 3.5% last week, propelling the ASX 200 to 6,840 points. That’s its highest level since the coronavirus-induced market crash in March last year. It also puts the index within a whisker of the psychologically-important 7,000 point mark, which was briefly crossed in 2020 before the pandemic struck.

The almost-singular reason for last week’s dramatic surge in value? The Reserve Bank of Australia (RBA).

RBA lights ASX’s fire

The RBA held its monthly meeting on Tuesday last week, as it does on the first Tuesday of every month. No one was expecting the RBA to announce a change in…

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