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Australian housing credit growth slowed to 0.3% in December, and retail sales fell 3.9% in the month, the largest monthly drop since August 2020. The RBA was widely expected to lift its cash rate by 25bp to 3.35% at its next meeting.
Softer housing and retail data reduce the case for further RBA tightening, which can weaken the Australian dollar. The effect on feed commodities is indirect.
ig.comTony SycamoreJan 31, 2023Not 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.
