AUD/JPY drops below 91.30 as RBA hikes OCR by 25 bps to 3.60% – by Sagar_Dua24 AUDJPY BOJ RBA Inflation InterestRate
est rate hike. This has pushed the Official Cash Rate to 3.60%. A hawkish stance on the interest rate was already expected by the market participants despite the Australian Inflation has shown evidence of deceleration.
Last week, the Australian Bureau of Statistics reported a significant decline in the monthly Consumer Price Index to 7.4%. However, a one-time decline in the economy’s inflation is insufficient to claim a pause in the policy tightening spree by any central bank. Inflationary figures are still beyond the desired rate and it demands plenty of time to reach the level of price stability. numbers were softened as higher rates by the RBA have forced firms to postpone their expansion plans.
Analysts at Standard Chartered have recently revised the terminal rate to 4.10% from 3.50% previously.Governor Philip Lower is making significant efforts in achieving price stability, however, Australian inflation is extremely sticky. This week, a power-pack action is expected from the Bank of Japan , which will announce the interest rate decision on Friday, A continuation of expansionary monetary policy is expected from the BoJ as Tokyo inflation dropped in February after nine consecutive increments. The BoJ needs to spurt the inflationary pressures again to maintain the Japanese Yen as competitive against rival currencies.
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