- Reserve Bank of Australia, as widely expected, left the cash rate static at 4.35% and reiterated that “the Board is not ruling anything in or out.”
- Furthermore, Governor Bullock confirmed that the board discussed rate hike options with a rate cut not being contemplated at this time.
- Resolute tone surrounding Australia's inflation backdrop implies that threshold for policy easement remains high.
- RBA disclosed that "inflation remains above target and proves persistent" and reiterated that "the Board anticipates it will be a while still before inflation is sustainably within the target range."
- On the US front, the US Census Bureau released that Retail Sales, a crucial measure of household spending, grew at a slower-than-anticipated pace in May of 0.1% against the projected 0.2%.
- Slower Retail Sales growth might create significant pressure on the US Dollar, as it is set to bolster investors' belief in the gradual disinflation process.
- CME FedWatch Tool indicates higher probabilities of interest rates starting to decrease from the September meeting, with one or more rate cuts implied in November or December.
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