AUD/USD tumbles to near 0.6700 on subdued Australian GDP and soft inflation data – by Sagar_Dua24 AUDUSD GDP Inflation RBA Fed
AUD/USD has dropped sharply to near 0.6700 as a sheer decline in Australian monthly CPI and subdued GDP has trimmed hawkish RBA bets.has dropped significantly to 7.4% from the expectations of 8.0% and the prior release of 8.4%.The AUD/USD pair has slipped sharply to near 0.6700 as the Australian Bureau of Statistics has reported mixed data. The GDP data has landed at 0.5% in Q4, lower than the consensus of 0.8% and Q3 figure of 0.6%.
A recent survey from Bloomberg claims that the Australian economy will fall into a recession while the United States economy is expected to dodge the recession situation. It is extremely difficult to predict a terminal rate for a central bank whose economy has not shown any evidence of inflation softening yet. Therefore, the chances of an Australian recession are extremely higher as the roadmap for achieving price stability in the Australian economy is full of struggles.
It is worth noting that Australia is the leading trading partner of China and upbeat PMI figures will strengthen the Australian Dollar ahead.
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