Previous Trading Days Events 07.05.2024

Australias central bank held rates steady but cautioned that inflation risks were on the upside. The Reserve Bank of Australia RBA kept rates at a 12year high of 4.35.

This followed a disappointingly high inflation reading in the first quarter and the labour market failed to cool as much as expected, with the jobless rate at 3.8 in March.

The combination of the less hawkish than expected language in the postmeeting statement and the larger than expected upward revisions to the RBAs inflation forecasts over the next few quarters implies the hurdle to another hike could be higher than markets have been expecting, said Adam Boyton, head of Australian economics at ANZ.

The Federal Reserve is now expected to cut less than twice in 2024, a change from about six reductions priced in at the beginning of the year.

Source httpswww.reuters.commarketsratesbondsaustraliascentralbankholdsinterestratesvigilantinflationrisks20240507

Winners vs Losers

Silver XAGUSD is on top of the weeks list and month with a 3.05 weekly performance. It is followed by the JPY pairs. Two possible interventions took place last week, Monday and Thursday, causing JPY strengthening and bringing down the pairs JPY as Quote. Since the 3rd of May, the pairs have been moving on an uptrend again.

News Reports Monitor Previous Trading Day 07.05.2024

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Midnight Night Session Asian

Yesterday, the Reserve Bank of Australia…