Aussie Dollar Rallies on Inflation Surge, Market Awaits GDP Clues for Policy Direction
The Australian Dollar gained by 0.4% against its US counterpart last week. An upside surprise in the monthly CPI indicator reinforced market expectations that easing in monetary policy is unlikely in 2024. Markets are even pricing in a nontrivial chance of further tightening due to recent inflationary pressures. Australian first quarter GDP figures will provide further guidance upon their release later this week.
Published on 4 June 2024
The Australian Dollar's 0.4% gain against the USD underscores growing bets against policy easing in 2024, with markets even eyeing potential tightening amid persistent inflation pressures.
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