- The People's Bank of China (PBoC) announced new interest rates. The 5-year interest rate was set at 3.85%, which fell short of the expected 3.95%. Similarly, the 1-year interest rate was adjusted to 3.35%, below the anticipated 3.45%.
- In addition, Copper prices fell by nearly 1% on Monday which weighed on the Australian currency as Australia is a big export.
- The Australian Bureau of Statistics (ABS) confirmed last week strong employment figures but that the Unemployment Rate ticked higher to 4.1%, up from 4.0%.
- The reaction of the Reserve Bank of Australia (RBA) to this data will be closely watched, but as for now, the bank isn’t giving signs of easing on its hawkish stance.
- Meanwhile, the market currently predicts a 50% likelihood of the RBA implementing a rate hike either in September or November, reflecting the bank's hawkish stance.
- For the Federal Reserve, the chances of a rate cut in September stand at approximately 90%, near to being priced in.
- However incoming data from both countries will continue shaping those expectations.
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