Australia's Private Sector Credit increased by 0.6% month-over-month in October, exceeding market expectations of 0.5%, which had been the rate for the past three months. This represents the strongest monthly growth since June. On an annual basis, credit rose by 6.1%, up from the previous 5.8% increase.
On Thursday, Australia's total new capital expenditure rose by 1.1% quarter-on-quarter in the third quarter, surpassing market expectations of a 0.9% increase and rebounding from a 2.2% decline in the previous quarter.
The US Personal Consumption Expenditures (PCE) Price Index increased by 2.3% year-over-year in October, up from 2.1% in September. Meanwhile, the core PCE Price Index, which excludes volatile food and energy prices, rose by 2.8%, slightly higher than the 2.7% recorded the previous month. Both figures aligned with market expectations, indicating steady inflationary pressure within the economy.
The latest Federal Open Market Committee's (FOMC) Meeting Minutes for the policy meeting held on November 7, indicated that policymakers are adopting a cautious stance on cutting interest rates, citing easing inflation and a robust labor market.
Bloomberg reported that US President-elect Donald Trump is expected to appoint Jamieson Greer as the US Trade Representative on Tuesday. Greer’s nomination highlights the central role of tariffs in Trump’s economic strategy.
The Australian Dollar faced challenges due to dampened market sentiment following President-elect Donald Trump's announcement of a 10% increase in tariffs on all Chinese goods entering the United States.
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