FX News

FX Update: RBA in the spotlight

Market Overview

  • RBA rate decision today with a “neutral” bias likely.
  • New Zealand consumer confidence drops to 82.2 from 93.2 in first quarter 2024.
  • US Equities continue to close at record highs.
  • Crude Oil surges back above 80.00a barrel
  • Fitch have downgraded their world growth forecast for 2025 despite changes to central bank monetary policy.
  • We expect two rate cuts in 2024 by the Bank of England starting in August.
  • Chinese Retail Sales 3.7% vs 3.0% expected, prior 2.3%.
  • US NY Manufacturing Index -6.0 vs forecast -12.5, prior -15.6. NY Manufacturing shrinking less than expected.
  • The Euro (EUR) has been the strongest currency this week while the Japanese Yen (JPY) has been the weakest traded currency.
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