AUD/USD rebounds to near 0.6950 despite US-China tensions, RBA policy buzz AUDUSD RBA Fed Inflation SEO
Global equities turned jittery on Monday amid the impact of the US-China suspected spy Chinese balloon event this weekend.were dumped by the market participants as tensions between the two heavy-weight nations deepened. Chinese authorities condemned the decision of shooting down the Chinese balloon ordered by US President Joe Biden, which the former recognized as a civilian that accidentally entered into United States airspace, which was positioned for meteorological purposes.
It is worth noting that Australia is a leading trading partner of China and geopolitical tensions between the US and China could have a significant impact on the Australian Dollar.On Friday, the US Bureau of Labor Statistics reported a surprise jump in the number of payrolls added in an already tight labor market. According to the United States Nonfarm Payrolls report, the economy has added fresh 517K, extremely higher than the consensus of 185K and the former release of 260K.
Analyst at Deutsche Bank Australia sees the RBA likely to drive the Official Cash Rate to 4.1%, citing the most recent inflation update of a 7.8% increase in the CPI, which was slightly higher than expected. “While the RBA will likely move more slowly in 2023 than it did in 2022, we now expect four more 25 basis point hikes this year: 25 basis points in each of February and March, and 25 basis points each at the May and August meetings” as reported by Forbes Advisor.
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