Daily digest market movers: Australian Dollar declines on US inflation data, RBA concerns
- PPI report shows slower annual headline PPI growth of 1.7% (vs. estimates of 1.8%).
- Core producer inflation rises by 2.4%, below expectations of 2.5%.
- Slower producer inflation suggests sluggish consumer spending, prompting Fed interest rate cut bets.
- On the other hand, the AUD struggles due to concerns over Australian economic growth.
- In addition, high RBA interest rates raise worries over recessionary risks.
- Former RBA Governor Bernie Fraser calls for an Official Cash Rate (OCR) reduction to avoid severe employment consequences. He also criticized the bank for prioritizing inflation over labor market concerns.
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