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On October 3, European Central Bank President Christine Lagarde said she was satisfied with the current policy settings as eurozone inflation remained broadly stable. "We are in a good position and we have to make sure we continue to be in this good position," she said in an interview with Finlands MTV OY aired on Friday, echoing previous views. "There is no preset rhythm." Although policymakers have cut interest rates eight times, economists and markets now expect the ECB to keep interest rates unchanged for the rest of the year. Inflation has stabilized around the ECBs 2% target, although it rebounded slightly last month. "We dont expect inflation to fluctuate significantly up and down," Lagarde said. "We have to do what is necessary to deliver on our mission," she said, adding that "we have done a lot."Market news: EU ambassadors failed to reach a consensus on the 19th round of sanctions against Russia on Friday.On October 3rd, gold futures prices once again broke through the $3,900 per troy ounce mark this week. Saxo Bank analyst Hansen said that the US government shutdown has injected new safe-haven demand for precious metals. Hansen said in a report: "Typically, when parts of Asia are on holiday, physical demand tends to ease, and there is usually a risk of a price decline, but this has not yet occurred."U.S. House Speaker Johnson: We can discuss medical subsidies in October.On October 3rd, European Commission President Ursula von der Leyen stated: "Meetings with Stellantis and Ferraris Johan Elkann went well. The growth of the electric vehicle market is an encouraging sign. We have developed an action plan for the automotive industry. From a €1.8 billion plan to increase battery production to initiatives specifically targeting affordable electric vehicles, we aim to reduce costs and increase production in Europe."

AUD/USD continues to swing near 0.6860 despite positive Australian employment data

Alina Haynes

Dec 15, 2022 11:35

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The AUD/USD currency pair continues to be affected by the Federal Reserve's monetary policy decision (Fed). The Australian dollar has continued to bounce at 0.6860 despite the Australian Bureau of Statistics' announcement of a significant improvement in Employment Change data. The Australian economy has created 64K new jobs, as opposed to the 19K expected and the 32.2K seen earlier. The unemployment rate has remained unchanged at 3.4%.

 

Previously, 12-month inflation forecasts for Australian consumers declined to 5.2% from 5.7% and 6.0% in the prior edition. Reserve Bank of Australia will be delighted by a considerable decline in inflationary pressures (RBA). Philip Lowe, the RBA's governor, has been tightening monetary policy to reduce the CPI (CPI).

 

Notably, a drop in one-year inflation expectations will not compel the RBA to abandon further interest rate hikes, given that the route to achieving a 2% inflation rate is not yet complete. The Reserve Bank of Australia (RBA) could boost the Official Cash Rate (OCR) by 25 basis points (bps).

 

A change in the Federal Reserve's (Fed) current monetary policy plan caused volatility in the US Dollar. After the Fed announced a lesser rate hike of 50 basis points (bps) and abandoned the 75 basis point rate hike cycle, the US Dollar Index (DXY) plummeted to a six-month low of 103.49. As the fight against inflation will take some time, the Federal Reserve has raised the peak interest rate to 5.1% by the end of CY2023.


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