Daily digest market movers: Aussie on the rise after RBA hold, CPI data in focus
- RBA holds rates steady at 4.35%, signaling no near-term rate cuts despite recent data.
- Michele Bullock, chair from the RBA then delivered a press conference, repeating her well-known hawkish message and affirming rates will remain on hold for the time being.
- Bullock added that the Board does not see rate cuts in the near term, as recent data has not “materially affected” the policy outlook.
- In addition, the PBoC announced measures to support the Chinese economy, including a 50 bps RRR cut and a 0.2% reduction in the 7-day repo rate. Any support or aid given to the Chinese economy tends to benefit the Aussie.
- AUD/USD also gains further ground after tepid US data fuels speculation of a 50 bps Fed rate cut in November.
- Australia's August Monthly Consumer Price Index is expected to rise by 2.8%, down from 3.5% in July.
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