Previous Trading Days Events 18.06.2024

Australias central bank, RBA, held interest rates steady as expected, at a 12year high of 4.35, where they have been since a hike in November last year while reiterating that it was not ruling out further increases if needed to control inflation.

While recent data have been mixed, they have reinforced the need to remain vigilant to upside risks to inflation, the RBA Board said in a statement.

At 3.6, inflation remains well above the banks target band.

Source httpswww.reuters.commarketsratesbondsaustraliascentralbankholdscashrate43520240618

httpswww.reuters.comworldasiapacificaustraliascentralbankvigilantinflationholdsratessteady20240618

U.S. retail sales were disappointing for the U.S., barely rose in May and data for the prior month was revised considerably lower. The smallerthanexpected increase in retail sales however, likely exaggerates the slowdown in consumer spending. Part of the decline in sales was because of lower gasoline prices, which weighed on receipts at service stations.

Nonetheless, inflation and higher interest rates are testing the resilience of consumers. Retail sales bolstered economists expectations that the Federal Reserve could still start cutting interest rates in September. U.S. central bank officials last week saw the anticipated rate cut delayed to perhaps as late as December.

Source

httpswww.reuters.commarketsususretailsalesmissexpectationsmay20240618

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