The Trifecta Pulling the Aussie Dollar Lower
It wasn’t just the RBA on-hold decision pulling the Aussie dollar lower yesterday. NAB’s Rodrigo Catril says there are at least two other factors - from the US and China.
NAB Morning Call · NAB - The Morning Call
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Show Notes
Wednesday 2nd August 2023
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NAB’s Rodrigo Catril says the Aussie dollar has been pulled down by three factors. First, the RBA decision to hold. Although most expected it, there was some pricing for a rise that didn’t materialise. Secondly, the US dollar is higher, on further hopes of a soft landing. US bond yields are also higher because higher than planned government borrowing will see a lot more being issued. Thirdly, China. The Caixin Manufacturing PMIs were soft, and there’s still no clear sign of an effective strategy for mitigating the country’s downturn. Cricket was not one of the reasons.
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