Today, the Reserve Bank of Australia is about to make some big moves, with two major events lined up.

At 11:30 AM, we’ll first look at the rate decision—will they be able to hold the line at 3.6%? Keep in mind, there have already been three rate cuts this year. Inflation is still sticky, and consumer data isn’t weak either. So, will the central bank keep hitting the brakes, or are they getting ready to pivot? We’ll find out very soon.

The real highlight comes at 12:30 PM, when Governor Bullock holds a press conference. She’s known for being a data-driven leader, so how will she view the conflicting data of core inflation stuck at 3.5% and a still-healthy 4.1% unemployment rate? If she hints at rate hikes next year, or, on the flip side, signals there’s room for more easing, the Aussie dollar and bond market could react instantly.

Right now, the AUD has been up for 12 straight days and is sitting right at the 0.6650 mark. The Fed’s rate cut expectations are in play, and Australia’s own economy is showing some stubborn strength—two forces going head to head. With these two events today, even a single comment could cause big waves, so keep your eyes on the screen and don’t blink.