News and economic event analysis disclaimer: This fundamental report is not advice or a recommendation to trade or invest, it is educational and general information only. Don’t blindly buy and sell the markets/products discussed in this article, do your own research and be aware of the risks and rewards.
Quick View: Hawkish
- Reserve Bank of Australia (RBA) maintained interest rates in Australia as expected by 1.50% with a hawkish statement.
- The next RBA meeting was on June 4, 2019.
- The RBA central bank’s central economic data was the Gross Domestic Product GDP, the Unemployment Rate, and the Consumer Price Index CPI.
Main Economics Data of RBNZ
- Australia’s GDP data grew by 2.3% in the fourth quarter of 2018, down from 2.8% in the previous quarter.
- Australia’s consumer price inflation slowed to 1.3% in the first quarter of 2019 from 1.8% in the previous quarter and below the 1.5% market target.
- The adjusted unemployment rate in Australia rose to 5.2% in April 2019 from a 5.1% increase in the previous month and slightly above the market expectation of 5.1%.
Expected Bias: AUD Bearish
- The RBA reduces GDP growth forecast of 2019 to 2.75% from an earlier estimate of 3% amid uncertainty arising from household consumption and falling real estate prices.
- China’s economic data declined for April.
- The unemployment rate rose to 5.2% from 5.0%.
- The RBA will reserve for interest rate cuts at a June meeting, Governor Philip Lowe said in his speech.