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- RBA to hike rates by 50bp in oct, peak rate pushed higher (RTRS poll)
RBA to hike rates by 50bp in oct, peak rate pushed higher (RTRS poll)
Australia's central bank will hike interest rates by another half-point on Tuesday and increase borrowing costs further than previously thought in its most aggressive tightening cycle since the 1990s to arrest red hot inflation, a Reuters poll showed.
Meanwhile, a new monthly measure of Australian consumer prices on Thursday showed annual inflation eased slightly in August from July thanks to a steep drop in petrol prices, although inflation excluding volatile items accelerated. The job market has also remained tight with vacancies dipping slightly from all-time highs, adding to the case that the Reserve Bank of Australia will likely lift the official cash rate by another half point to 2.85% at its policy meeting on Tuesday.
AUD/USD has been able to accumulate a bid on a softer US dollar of late, rallying towards the high of the week near 0.6535.
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