Compass Weekly FX Video Update 13th June

UK political uncertainty sees GBPUSD slump 2.5%. EUR has retreated after ECB lowered inflation forecasts. Look out for a dovish US rate hike this week. A$ remains well supported (jobs data Thursday).

RBA leaves Official Interest Rate Unchanged

· As expected, the Reserve Bank of Australia has left cash rate target unchanged at 1.5% for the 10th consecutive period. · Wording of today’s announcement is very much in line with the May statement. Overall, the RBA’s global outlook remains positive, however, reiterated that domestic growth and core inflation will increase gradually. · The RBA expects GDP to have slowed in the March quarter, this is in line with our outlook, given the disappointing current account deficit data from earlier today (see below). The Central Bank did cite key indicators point towards continued growth in employment over the period ahead and acknowledged that employment growth has bee

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