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Reserve Bank of Australia (RBA) Governor Michele Bullock is speaking at a press conference following the announcement of the June monetary policy decision on Tuesday. Bullock is responding to questions from the media, as part of a new reporting format for the central bank starting this year. Key quotes Need a lot to go our way to bring inflation back to range. Board discussed whether to hike rates at the meeting. Board decided to stay the course on policy. Trying to bring demand down while remaining on narrow path. Board wanted to make point that they are alert to upside risks on inflation. Very difficult to get a read on inflation with quarterly data. Need to look across broad economy not just Q2 CPI. Board did not consider the case for a rate cut at this meeting. Would not say that the case for a rate hike is increasing. Very concious that high rates hurting some sector of country. Inflation also hurting people, so board laser focused on bringing it down. Aim is still to avoid recession, while bringing inflation down. Use of “vigilant” does not mean an interest rise is coming. Market reaction AUD/USD is catching a fresh bid on the above comments, up 0.15% on the day at 0.6618, as of writing. Australian Dollar FAQs One of the most significant factors for the Australian Dollar (AUD) is the level of interest rates set by the Reserve Bank of Australia (RBA). Because Australia is a resource-rich country another key driver is the price of its biggest export, Iron Ore. The health of the Chinese economy, its largest trading partner, is a factor, as well as inflation in Australia, its growth rate and Trade Balance. Market sentiment – whether investors are taking on more risky assets (risk-on) or seeking safe-havens…

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Filed under: News - @ June 18, 2024 6:12 am