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01 Aug 2023

01 Aug 2023

AUD turnaround

• Market wobbles. Higher yields dampened risk appetite. USD stronger. News that Fitch downgraded the US may add to market nerves.• Weaker AUD. Shaky risk sentiment & a paring back of RBA rate hike pricing following yesterday’s on hold decision have weighed on the AUD.• US focus. In addition to any spillovers from the US ratings news, attention will remain on the US over coming days with non-farm payrolls due Friday. The new month has started with a bit of renewed turbulence. Bond yields across Europe and the US rose, led by long-end rates. The US 10yr yield increased ~6bps...

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01 Aug 2023

RBA holds firm

In what we think was another ‘finely balanced’ decision the RBA held the cash rate steady at 4.1% for the second straight month at today’s meeting. As stressed by the RBA interest rates have increased by 400bps since May last year. The tightening in policy is “working to establish a more sustainable balance between supply and demand in the economy”, and the decision to hold firm once again “will provide further time to assess” the impacts of past moves. As our chart shows, this has been the most aggressive policy tightening in several decades with the upswing in interest rates...

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