Previous Trading Days Events 29.05.2024

Australian consumer price inflation unexpectedly picked up to a fivemonth high in April due in part to increases in petrol, health and holiday costs, bolstering expectations that interest rates would not be lowered soon.

The Australian CPI rose at an annual pace of 3.6 in April, up from 3.5 in March and above market forecasts of 3.4. Moreover, a closely watched measure of core inflation, the trimmed mean, also accelerated to an annual 4.1, from 4.0. The CPI excluding volatile items and holiday travel stayed at an annual 4.1.

The RBA expects headline inflation to pick up to 3.8 by June this year, but the hope is that the new relief from the government including billions in electricity rebates and rent subsidies would help ease the costofliving pressures in the second half.

The RBA has raised interest rates by 425 basis points since May 2022 to a 12year top of 4.35 but steadied its hand for four straight meetings since its last hike in November as cautious consumers scaled back their spending and the economy slowed to a crawl.

Source httpswww.reuters.commarketsaustraliaconsumerinflationsurpriseshighsideapril20240529

Winners vs Losers

Silver remains put, at the top of the winners list having 4.17 gains this week and nearly 20 gains this month. The dollar is strengthening significantly and most pairs USD as the base are reaching the top.

News Reports Monitor Previous Trading Day 29.05.2024

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