According to the latest inflation report, Australia’s CPI has fallen from the record high of 8.4% in December to 6.8%, indicating that the inflation rate is quickly subsiding. However, the recent oil production cuts implemented by the OPEC+ cartel threaten the recent gains made by most countries fighting inflation.
RBA Governor Phillip Lowe said that the central bank recognises that the impact of its rate hike would take time to be felt across the economy. Therefore, the RBA was still monitoring the impact of its rate hikes on the economy before plotting its next course of action.
The decision not to hike interest rates was taken to give the RBA time to continue assessing the impact of previous rate hikes on Australia’s economy. The reserve bank governor said the opportunity to achieve a soft landing for the economy was narrow.
AUDUSD h1 price is in an uptrend. After a short correction yesterday, the pair is now showing signs of continuing its upward move. Recommended buy to current price 0.6755, SL: 0.6720, TP: 0.6800
RBA Governor Phillip Lowe said that the central bank recognises that the impact of its rate hike would take time to be felt across the economy. Therefore, the RBA was still monitoring the impact of its rate hikes on the economy before plotting its next course of action.
The decision not to hike interest rates was taken to give the RBA time to continue assessing the impact of previous rate hikes on Australia’s economy. The reserve bank governor said the opportunity to achieve a soft landing for the economy was narrow.
AUDUSD h1 price is in an uptrend. After a short correction yesterday, the pair is now showing signs of continuing its upward move. Recommended buy to current price 0.6755, SL: 0.6720, TP: 0.6800
