Weekly Roundup: Australian dollar buoyed by hawkish RBA minutes
Amy Richards November 21st 2022 - < 1 minute read
The Australian dollar struck higher through the first half of last week’s session, following the publication of the minutes from the Reserve Bank of Australia’s (RBA) latest policy meeting.
AUD investors were cheered as the minutes signalled that the bank remains open to another 50bps interest rate hike in the future.
However a souring mood then placed pressure on the ‘Aussie’ in mid-week trade. China Covid concerns and the situation in Ukraine both took their toll on sentiment.
The latter half of the week then saw AUD exchange rates undermined as Australia’s latest jobs report made for mixed reading.
While October’s release reported domestic unemployment unexpectedly fell, AUD investors appeared concerned as the participation rate came in below forecast.
A speech by RBA Governor Philip Lowe may be the primary focus for AUD investors at the start of this week. Will a hawkish monetary policy outlook help to propel the ‘Aussie’ higher?