Out with a whimper not a bang
No surprise in the on-hold announcement from the RBA, but the sharp fall in the Aussie dollar has more to do with weaker China data, says NAB’s Taylor Nugent. Any bit of bad news, and the Aussie pays for it.
NAB Morning Call · NAB - The Morning Call
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Show Notes
Wednesday 6th September 2023
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It came as no surprise to anyone when the RBA announced no change to rates yesterday but, as NAB’s Tayor Nugent explains, there were references to further tightening if necessary. NAB still expects there will be one more hike before Christmas. So, can Australia pull off a US-style soft landing? The Aussie dollar fell sharply yesterday, in part because of a weaker than expected Caixin Services PMI. Rising oil prices could present a threat to headline inflation rates, as Saudi Arabia an Russia confirm their production cuts will continue until December. Australia’s GDP read is expected to show modest growth today, and the US Servies ISM will, presumably, continue to support the notion of a soft-landing.
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