Latest AUD Market news - Real Time Australian Dollar News

AUD: Latest Market News

Growth forecast are downgraded in Australia & United States

Growth forecast are downgraded in Australia & United States
  • Goldman Sachs change their growth forecast for US  from  5%-6% in 2021 to 3,4% in 2022 because of two factors:
    spread of Omicron Variant 
  • diminishing expectations for fiscal stimulus

Deloitte projects 4% GDP instead of Reserve Bank of Australia 5,5% 

Deloitte Access Economics says the Omicron variant manes the RBA forecast is too optimistic because omicron is Spreading at a rapid rate and half the workforce would likely miss an extra week of work in H1 of 2022.

But with optimism Deloitte inform us that Omicron would not cause the same economic problems as the first two waves.

Will economy drop into 2022 what is your opinion?! 

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Evergrande Problems - RBA Deputy Governor Debelle comments

Evergrande Problems - RBA Deputy Governor Debelle comments

Reserve Bank of Australia Guy Debelle, speaking before the Australian Parliament's House of Representatives Standing Committee on Economics

Debelle says the Bank is spending a fair bit of its time assessing Evergrande. He expects Chinese authorities might well allow a limited default to occur, their 'tolerance' for a default is higher than in previous years as long as the consequences are limited. 

Says Chinese authorities are well informed of the EV situation and it'll resolve how they want it to resolve.

Watch Here

China Evergrande main unit Hengda Real Estate will make coupon payments for onshore bonds due tomorrow

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The RBA left its Cash Rate unchanged at 0.10% as expected; maintains its tapering plan with weekly purchases at AUD 4bln

The RBA left its Cash Rate unchanged at 0.10% as expected; maintains its tapering plan with weekly purchases at AUD 4bln
  • The Board's decision to extend the bond purchases at $4 billion a week until at least February 2022 reflects the delay in the economic recovery and the increased uncertainty associated with the Delta outbreak.
  • This setback to the economic expansion is expected to be only temporary. The Delta outbreak is expected to delay, but not derail, the recovery.
  • The Board is committed to maintaining highly supportive monetary conditions to achieve a return to full employment in Australia and inflation consistent with the target. It will not increase the cash rate until actual inflation is sustainably within the 2 to 3 per cent target range.
  • This bounce-back and it is likely to be slower than that earlier in the year.

Note, one of the major newswires reported the QE decision as a "hold", although the official RBA release states "purchase government securities at the rate of $4 billion a week and to continue the purchases at this rate until at least mid February 2022."

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Australia's Victoria State Premier says it is too soon to open up from the COVID-19

Australia's Victoria State Premier says it is too soon to open up from the COVID-19 lockdown and would need a low number of cases to ease restrictions, adds reopening plan to be announced tomorrow but it is not freedom day and will only be modest changes

Australia's capital of Canberra will extend lockdown through September 17th

The EU voted to approve fresh restrictions on US travellers coming into the bloc. US State Department raised the travel alert for Germany and Canada to level 3, while the US also issued COVID-19 "Do Not Travel" advisories for Switzerland and Estonia.

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