Australian labour market and wage data to reveal job growth resilience, shaping RBA rate cut expectations and impacting AUD amidst global economic shifts.
The Reserve Bank of Australia is expected to keep its cash rate on hold at 4.35% when it announces its policy decision at 2.30PM on the 5th of November, 2024. Despite ongoing evidence of soft demand, upside risks to inflation are likely to remain the central bank’s primary concern.
Australia's labour market remained stable in September 2024, with the unemployment rate forecast to hold at 4.2%, supported by a 25,200 person rise in employment. Despite the economy teetering on the edge of recession, strong hiring trends persist, challenging market economists' predictions.
RBA Governor Michelle Bullock emphasizes inflation challenges for Australia's economy, citing supply shocks and demand-supply imbalances. Discover insights on CPI trends, interest rates, and the central bank's strategy for managing price pressures in 2024.
Overview of upcoming US inflation data for August, with expectations for a year-over-year CPI drop to 2.6% and core CPI holding steady at 3.2%. Markets will also focus on U.S. PPI data, which is forecasted to show mild growth, reinforcing potential easing inflationary pressures.
The Reserve Bank of Australia is expected to keep interest rates unchanged at 4.35% when it meets on Tuesday, June 18th, 2024, at 2:30 PM (AEST).
Higher-than-expected monthly CPI data watered down expectations for RBA interest rate cuts in 2024; the markets will now shift attention to quarterly GDP data on Wednesday, June 5.
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The Swiss franc strengthened against major peers in response to the Swiss National Bank's hawkish remarks.