In the commentary, RBA stated that further policy-tightening was needed to anchor inflation expectations and the central bank is sticking to its agenda of achieving price stability.
The street was anticipating a continuation of the neutral policy stance by RBA Governor Philip Lowe as Australia’s Consumer Price Index is consecutively declining for the past three months. From the historic high of 8.4%, monthly Australian inflation has already trimmed to 6.3% in March. In April’s monetary policy,policymakers announced that the Australian economy would slow down further, which will weigh heavily on inflationary pressures.
Going forward, investors will shift their focus on Australian Trade Balance data, which will release on Thursday. Monthly Trade Balance data is seen declining 12,750M from the former release of 13,870M. A weaker-than-anticipated Trade Balance data would impact the Australian Dollar. On the New Zealand Dollar front, first-quarter Employment data will be keenly watched. The street is anticipating a steady Employment Change at 0.2%. While theApart from them, the quarterly Labor Cost Index is seen unchanged at 1.1%. And annual earnings data is expected to accelerate to 4.6% vs. the prior release of 4.3%. A sustained pace in the Employment cost index could force the Reserve Bank of New Zealand to remain hawkish ahead.
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