Australian dollar maintains gains following CPI data
THE Australian dollar remains above 88 US cents after inflation figures came in stronger than expected, making another cash rate cut highly unlikely
THE Australian dollar remains above 88 US cents after inflation figures came in stronger than expected, making another cash rate cut highly unlikely.
At 0630 AEDT on Thursday, the Australian dollar was trading at 88.47 US cents, down from 88.59 cents on Wednesday.
The consumer price index rose 0.8 per cent in the December quarter, for an annual rate of 2.7 per cent.
Economists had expected a rise of 0.5 per cent for the quarter and 2.5 per cent for the year.
The higher-than-expected figure means further rate cuts from the Reserve Bank of Australia in the near term are highly unlikely, economists say.
###
Aussie shares rise on Wall St rebound
Aussie shares crept higher on Wednesday on the back of a Wall St rebound, despite a sharp sell off in heavyweight mining and energy stocks.
Aussie shares sink on China stimulus gloom
The Australian sharemarket fell on Tuesday following muted stimulus measures from China and a sharp pullback on Wall St.
Sign business spirits have lifted
One of Australia’s biggest banks has issued a warning about business confidence after the latest figures were revealed.