Paris (www.aktiencheck.de) – The Australian dollar (AUD) was unable to benefit from the Reserve Bank of Australia’s restrictive monetary policy: The Australian central bank raised interest rates for the 13th time earlier this month, according to analysts at BNP Paribas their current issue of “Markets & Certificates Weekly”.
With the increase of 25 basis points, it raised the key interest rate to 4.35 percent, the highest level since the end of 2011. Governor Michele Bullock, who has been in office since September 18, said the key interest rate was raised once again to reduce the risk of a “major monetary policy response” in the coming months given persistent inflation and a stronger-than-expected economy. Bullock considers inflation to be the biggest challenge for the economy in the next two years.
However, there can be no question of an overheated economy – at least based on the most recent data. The Judo Bank Flash Australia Composite PMI released on Thursday, which includes both the manufacturing and services sectors, fell to an eight-year low and, at 46.4, was just above the threshold for contraction. Nevertheless, the Australian dollar has remained unimpressed and has recently even appreciated slightly against the euro. The long-term downward trend against the euro remains intact – and could stabilize again given the gloomy economic outlook. (11/24/2023/ac/a/m)
2023-11-24 20:01:26
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