In summary, from Westpac Chief Economist Luci Ellis, who was previously Deputy Governor (Economic) at the Reserve Bank of Australia:
- Inflation was a little higher than expected in the March quarter. It is falling, but there is still some way to go for the RBA to be confident of returning to the 2-3% target range within the desired time frame.
- We expect the Council to keep rates unchanged in May and pushed back the date of the first rate cut to November this year, instead of September.
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Earlier on the RBA data and implications:
- 4 reasons why the RBA could be the last major central bank to cut rates
- Australian CPI in the first quarter +1.0% q/q (expected 0.8%) 3.6% y/y (expected 3.4%)
- AUD/USD surged above 0.6500 on higher-than-expected inflation data for the first quarter of 2024.
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The next RBA meeting will take place in the first week of May:
This article was written by Eamonn Sheridan at www.forexlive.com.
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