{"id":46408,"date":"2023-06-07T07:42:00","date_gmt":"2023-06-07T06:42:00","guid":{"rendered":"https:\/\/youtrading.com\/en\/?p=46408"},"modified":"2023-06-09T18:36:52","modified_gmt":"2023-06-09T17:36:52","slug":"morning-brief-rba-governor-speaks","status":"publish","type":"post","link":"https:\/\/youtrading.com\/en\/morning-brief-rba-governor-speaks\/","title":{"rendered":"Morning Brief – RBA Governor Speaks"},"content":{"rendered":"\t\t
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The People\u2019s Bank of China set the reference rate for onshore yuan<\/a> at its weakest since December 1 last year. The central banks\u2019 actions for the yuan are a form of stimulus for the country’s export sector.<\/p>

Elsewhere, the Reserve Bank of Australia Governor Lowe spoke today and renewed concerns about inflation, and wage growth accompanied by declining productivity.<\/p>

There is speculation that another rate hike could happen next month due to the stickiness of inflation. Still, the AUDUSD<\/a> pair seems to have liked the speech and continues to head higher.<\/p>

In his speech today Lowe said that \u201cJune rate rise followed information suggesting greater upside risks to bank\u2019s inflation outlook<\/em>\u201d and \u201cSome further tightening of monetary policy may be required, depending on how economy and inflation evolves.<\/em>\u201d<\/p>

On inflation the RBA Governor noted that there \u201cHasn\u2019t been any shift in the RBA\u2019s inflation tolerance, what has changed in recent months is the RBA’s assessment of risks.<\/em>\u201d<\/p>

We also saw GDP data from Australia earlier today. Australia’s economy grew at the weakest pace in 1-1\/2 years last quarter as high prices and rising interest rates sapped consumer spending.<\/p>

It should be noted that while emerging signs pointed to further softness ahead amid elevated borrowing costs and a slowdown in global growth.<\/p>

Data from the Australian Bureau of Statistics on Wednesday showed real gross domestic product (GDP) rose 0.2% in the first quarter, easing from 0.5% in the previous quarter and under forecasts of 0.3%.<\/p>

Annual growth came in at 2.3%, also missing forecasts for 2.4% expansion. Again, the Australian dollar showed some strength and remained on track for a fourth day of gains.<\/p>\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"

The People\u2019s Bank of China set the reference rate for onshore yuan at its weakest since December 1 last year. The central banks\u2019 actions for the yuan are a form of stimulus for the country’s export sector. Elsewhere, the Reserve Bank of Australia Governor Lowe spoke today and renewed concerns about inflation, and wage growth […]<\/p>\n","protected":false},"author":4,"featured_media":42184,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[2],"tags":[52,108,318],"yoast_head":"\nMorning Brief - RBA Governor Speaks - Youtrading UK<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/youtrading.com\/en\/morning-brief-rba-governor-speaks\/\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Morning Brief - RBA Governor Speaks Morning Brief - RBA Governor Speaks\" \/>\n<meta property=\"og:description\" content=\"The People\u2019s Bank of China set the reference rate for onshore yuan at its weakest since December 1 last year. 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