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The Australian dollar jumped and bonds sold off after inflation beat forecasts, prompting traders to abandon almost every basis point of easing in this year’s cash rate profile.
The Australian dollar and bonds were sent into a tailspin after hot US inflation figures prompted traders to price out the chance of some rate relief from the Reserve Bank in 2024.
Equities have shrugged off dialled back rate cut expectations, with the US not expected to pull the trigger until September and the RBA priced for December if at all this year.
One of Australia’s oldest jewellery businesses has cancelled its membership with the Jewellers Association of Australia (JAA).
The Reserve Bank of Australia held the cash rate at 4.35 per cent as expected, but poured cold water on a mid-year rate cut, saying inflation is high.