AUD/NZD remains sideways around 1.1230 despite RBA Lowe’s testimony – by Sagar_Dua24 RBA AUDNZD PMI Inflation Employment
RBA Lowe has provided a gloomy outlook on the economy, however, labor cost growth is consistent.The AUD/NZD pair is displaying a lackluster performance in the Tokyo session despite the testimony of Reserve Bank of Australia . The asset is auctioning in a narrow range of 1.1220-1.1232 after a modest downside move. The asset slipped lower after attempting to surpass Tuesday’s high at 1.1258.
RBA’s Lowe in his testimony has cleared his intentions of scaling down the inflationary pressures. Unlike other central banks, the RBA is not keen to bring price stability at the cost of growth prospects. The central bank is not operating on a pre-defined path as cited, however, the market participants should remember that the RBA provided a target for the Official Cash Rate at 3.85%. RBA Lowe has provided a gloomy outlook for the economy while he believes that ''Growth in labor costs remains consistent with inflation returning to target.''
Earlier, the ausse bulls witnessed pressure after the release of slightly lower-than-expected Australian employment data. The Employment Change data slipped lower to 33.5k vs. the expectations of 35k. The economy reported a layoff of 40.9k employees in its July report. Also, the jobless rate increased to 3.5% against theOn the NZ front, kiwi bulls have not responded much to the upbeat Business NZ PMI data released in the early Tokyo session.
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