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Reserve Bank of Australia deputy governor Andrew Hauser said it would be a "bad mistake" to set interest rates on one data point after annual CPI inflation rose to 4.0% in May from 3.6% in April. He pointed to upcoming retail sales, employment and Q2 inflation data before the RBA's August 5-6 meeting.
Markets had priced nearly a 50% chance of another rate hike.
A possible RBA hike keeps the Aussie supported against the US dollar, which affects Australian dollar-linked export pricing and the cost of imported feed inputs. The central bank's caution reduces the odds of a near-term move, so the currency impact is likely to ease if upcoming data are soft.
abc.net.auMichael JandaJun 27, 2024Not enough comparable past events yet for a historical read.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
