AUD/USD snaps three-day losing streak above 0.6680 ahead of RBA decision – by lilyfinancial AUDUSD Majors RBA Macroeconomics
ure following the US Gross Domestic Product and Personal Consumption Expenditure last week but gains momentum from the optimistic stimulus plan in China. Market players await the Reserve Bank of Australia's on Tuesday for fresh impetus. The pair currently trades around 0.6681, up to 0.48% for the day.
The Personal Consumption Expenditures Price Index for June fell to 3% from 3.8% in May, below the market's expectation of 3.1%. Meanwhile, the Federal Reserve's preferred measure of inflation, the Core PCE Price Index, came in at 4.1% annually, down from 4.6% in May and worse than expected at 4.2%. Furthermore, the optimistic US GDP growth in the second quarter, robust Durable Goods, and persistently constrained labor market conditions suggest that the Federal Reserve could decide to raise additional interest rates. The US real Gross Domestic Product expanded at a 2.4% annualized rate, above the market consensus of 1.8% by a wide margin and following the 2% growth reported in the first quarter. Durable Goods Orders rose 4.7% on a monthly basis to $302.5 billion.
On the Australian Dollar front, the nation’s Retail Sales experienced their largest decline this year in June. Australia's Retail Sales fell 0.8% MoM, against the market expectation of 0.0% and 0.7 prior. Additionally, the Producer Price Index data for the second quarter were disappointing at 3.9% YoY and 0.5% QoQ.
About China, the State Council Information Office of China announced that Li Chunlin, vice chairman of the National Development and Reform Commission, along with officials from the Ministry of Industry and Information Technology, the Ministry of Commerce, and the State Administration of Market Regulation, will hold a press conference at 7:00 a.m. GMT to announce additional measures to boost consumption.
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