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Abstract:During the March meeting, Australia's central bank kept its interest rates steady at 4.35% and adopted a more relaxed approach towards tightening, suggesting growing confidence in inflation reaching its target despite economic deceleration. During the last meeting, the Bank of England maintained its interest rate at 5.25%. Governor Andrew Bailey emphasized the importance of ensuring that inflation returns to the 2% target and remains there, stating that the current situation does not warrant
The Week Ahead: Week of 6thMay(GMT+2)
RBA and BoE Take Center Stage Amidst U.S. Light Week
Tuesday, 7th May2024, 06:30
RBA Interest Rate Decision (May)
During the March meeting, Australia's central bank kept its interest rates steady at 4.35% and adopted a more relaxed approach towards tightening, suggesting growing confidence in inflation reaching its target despite economic deceleration. Following the release of March's CPI data, hopes for an imminent rate cut have dwindled, with investors anticipating that the board is unlikely to make any changes to interest rates in the upcoming meeting.
Thursday, 9thMay2024, 13:00
BoE Interest Rate Decision (Apr)
During the last meeting, the Bank of England maintained its interest rate at 5.25%. Governor Andrew Bailey emphasized the importance of ensuring that inflation returns to the 2% target and remains there, stating that the current situation does not warrant a rate cut. Financial markets anticipate that the first rate cut will likely occur in September, assigning minimal probability to a rate cut on May 9. Therefore, it is unlikely for the Bank of England to deliver any unexpected developments.
Friday,10thMay2024, 08:00
UK GDP (MoM) (Mar)
In February, the UK's Gross Domestic Product (GDP) saw a monthly expansion of 0.1%, in line with expectations from a Reuters poll of economists. This suggests that Britain's subdued economy is advancing towards emerging from a mild recession. With analysts expecting stability in the UK, as evidenced by recent data releases from the nation, a potential continuation of this trend is expected in upcoming data release.
Friday,10thMay2024, 14:30
Canada Unemployment Rate(Apr)
Canada's unemployment rate has surged to a fresh 26-month high of 6.1% for March. This increase is accompanied by job listings remaining significantly below previous highs, and recent trends in employee surveys showing a notable weakening. The rising unemployment rates across the nation are primarily propelled by sustained growth in labor supply rather than a widespread decline in hiring. Consequently, the country's job market is expected to continue cooling throughout 2024.
Disclaimer:
The views in this article only represent the author's personal views, and do not constitute investment advice on this platform. This platform does not guarantee the accuracy, completeness and timeliness of the information in the article, and will not be liable for any loss caused by the use of or reliance on the information in the article.
In March, Canada's consumer price index increased by 0.6% compared to the previous month, surpassing the 0.3% growth seen earlier. In April, the Reserve Bank of New Zealand opted to maintain its official cash rate at 5.5 percent for the sixth consecutive meeting, emphasizing the ongoing need to address inflation fully. In March, the UK Consumer Price Index registered a slower-than-anticipated increase, reaching 3.2% in annual terms, down from the 3.4% rise observed in February. In March, UK...
The dollar hovered below recent highs on Tuesday as traders waited for the Reserve Bank of Australia to lead a handful of central bank meetings set to define the rates outlook this week.
The Australian Dollar has got two huge economic data points on the schedule this week, but they may have to stray far from expectations to loosen overall risk appetites grip.
The Australian Dollar remains close to notable lows against its US counterpart and the market is still betting on aggressive rate cuts from the RBA