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On Tuesday, Reserve Bank of Australia’s Head of Economic Analysis Marion Kohler during his speech reiterates that while inflation has cooldown slightly, it is still hovering at elevated levels. He added that it would take some time for inflation to return to their target of 2-3% which is dependent on economic progression.
During the conference, Kohler also mentioned that he does not expect inflation to depreciate to their target until next year, due to subdued economic growth both domestic and global.
Last week, the central bank held its interest rates unchanged at 12-years high of 4.35%, citing possibility for more rate hikes if necessary. During the policy meeting, RBA trimmed its economic forecast, largely due to weak consumption, elevated debt cost and signs of easing in the employment market.
(Australia Business Conditions overview)
From economic front, Australia’s business conditions weakened further for the month of January, led by the slowdown in services sector. The data released by National Australia Bank shows business conditions slump to +6, below its average of +7. As of writing, AUD/USD was down 0.06% to 0.6526.
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