The RBA is stuck between a rock and a hard place, as Australia’s labor market remains very tight while the country’s battle with inflation is finally showing results. The housing market is also on a notable recovery path, making Tuesday’s decision a close call for the central bank. AUD/USD is consolidating gains above 0.6700, despite a broad rebound in the US Dollar, as the Australian Dollar capitalizes on China’s stimulus optimism.
China’s National Bureau of Statistics showed that the Manufacturing PMI rose to 49.3 from 49.0 in June vs. a forecast of 49.2. China’s Non-Manufacturing PMI dropped to 51.5 in the reported, compared with 53.2 seen in June. The RBA event will likely provide near-term direction in the AUD/USD pair heading into Friday’s all-important US employment data. The Australian central bank will publish its Statement on Monetary Policy Friday, including the updated macro forecasts. The Reserve Bank of Australia is seen raising the Official Cash Rate by 25 basis points from 4.10% to 4.35% following its August monetary policy meeting scheduled this Tuesday, with the policy announcement due at 04:30 GMT.
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