- Australia's Q2 Producer Price Index (PPI) unveiled this week displayed an increase of 4.8% YoY, a substantial leap from Q1's 4.3%.
- This continued acceleration, hitting its highest point since Q1 of 2023, places the RBA under scrutiny to respond accordingly.
- With the market attributing an 80% chance of an RBA cut by year-end, the Aussie’s upside is limited.
- Across the Pacific, US Nonfarm Payrolls increased by 114K, far less than the predicted 175K.
- The Unemployment Rate climbed to 4.3% as compared to June's 4.1%, and the Labor Force Participation Rate noted a marginal increase to 62.7% from the previous 62.6%.
- The Average Hourly Earnings report showed a drop from 3.8% to 3.6% YoY, which has affected the currency market adversely by adding weight to USD.
- In light of this data, the Federal Reserve (Fed) is expected to initiate interest rate reduction measures starting in September, with a 90% chance priced in according to the CME FedWatch Tool
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