AUD/USD posts modest gains around the 0.6570 mark, Australia/US inflation eyed – by lilyfinancial AUDUSD Majors Macroeconomics
The US Bureau of Labor Statistics reported on Friday that thein the US rose 187,000 in July, worse than expected by 200,000. The figures in June were revised down to 185,000. This marked the lowest reading since December 2020.
On the Aussie front, Reserve Bank of Australia Governor Phillip Lowe remarked that the decision to keep rates intact gives the RBA more time to analyse the impact of the interest rate hikes and the economic outlook. However, more monetary policy tightening may be necessary to guarantee that inflation returns to target in a reasonable timeframe, but this will depend on the data and the developing risk assessment.
Furthermore, the Chinese Ministry of Commerce announced on Friday that China will lift its anti-dumping and anti-subsidy tariffs on Australian barley imports effective August 5. This, in turn, boosts the Australian Dollar against its rivals.
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