The fall in the Aussie and the rise of the Hawks

Thursday 29th June 2023

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Big fall in the Aussie and Kiwi dollars yesterday and overnight. NAB’s Tapas Strickland says the fall in the Aussie was a combination of the falling CNY and the fall in Australian CPI yesterday, although he cautions into getting too hopeful on the inflation read. At Sintra central bankers stuck with their hawkish sentiment, except Gov Ueda from the BoJ who believed inflation would come down. Concern over Japan’s plight might account for some of the fall in the NZ dollar, although some of it is also being put down in money moving across the Tasman to buy Taylor Swift tickets! CPI for parts of Europe are released today and the Riksbank is the next to lift rates – maybe by as much as 50bps.

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