The current Galileo constellation in April 2017 comprises both IOV (In-Orbit validation) and FOC (Full Operational Capability) satellites transmitting signals on five frequencies, i.e. E1, E5a, E5b, E5, and E6. We analyze the power, multipath and noise of 2 these signals using the data collected by four short baselines of various lengths and receiver/antenna types in Perth, Australia as well as the Netherlands. In our analysis, the Galileo signals, except E5, show different relative noise and multipath performance for different receiver/antenna types. The E5 signal, with a weak dependency on the type of receiver/antenna, shows a significantly lower level of multipath and noise with respect to the other signals. Estimations of the E5 code standard deviation based on the data of each of the mentioned baselines gives a value of about 6 cm, which is further reduced to about 1 cm once the data are corrected for multipath. Due to the superior stochastic properties of E5 signal compared to the other Galileo signals, we further analyze the short-baseline RTK (Real-Time Kinematic) performance of the Galileo standalone E5 observations. Our findings confirm that the Galileo E5 data, if corrected for the multipath effect, can make (almost) instantaneous ambiguity resolution feasible already based on the current constellation.