- Investors are now eagerly waiting for Wednesday's release of the May Consumer Price Index (CPI) data, expecting the headline inflation to sneak up two points to reach a five-month high of 3.8% YoY.
- The swaps market hints at virtually no rate cuts in 2024 and around 70% odds of the first cut in February 2025, hinting at the RBA's hawkish approach toward tackling inflation.
- Last week, Governor Bullock uncovered the RBA's inclination and sent the markets a clear message of resilience in the face of inflationary pressures. The Board's insistence that "inflation remains above target and is proving persistent" and its expectation that it "will be some time yet before inflation is sustainably in the target range", further asserts the central bank's tough stance.
- As the RBA doesn’t consider rate cuts, the Aussie’s downside is limited
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