In the Asian session on Thursday (June 8), the Australian dollar/dollar fell back to a low level, temporarily reporting 0.6661, an increase of 0.13%. Australian Treasurer Chalmers said that economic growth momentum is gradually weakening, in line with expectations; rising interest rates are clearly having a negative impact.
The latest news from the Commonwealth of Australia:
Australia’s GDP in the first quarter increased by 2.3% year-on-year, expected 2.4%, and the previous value was 2.7%; the chain growth was 0.2%, expected 0.3%, and the previous value was 0.5%. Lowe, chairman of the RBA, pointed out that it is too early to declare victory against inflation, and reiterated that further monetary policy tightening may be required, and whether to raise interest rates further depends on the development of the economy and inflation. The Australian dollar turned negative a day after the Reserve Bank of Australia raised interest rates by 25 basis points to an 11-year high of 4.1%. Reserve Bank of Australia Governor Philip Lowe further warned on Wednesday that further rate hikes are on the way to curb upward pressure on prices.
