Today's Forex news: Aussie Jumps After Shock Rate Rise; Global Stock Markets Bullish, Especially Asia; US Dollar Selling Off
although it was widely expected to keep rates steady. The Cash Rate now stands at 4.10%.Governor Lowe justified the hike by saying that although Australian inflation is past its peak, at 7% it remains too high, and there needs to be more confidence that the rate will return to its target level of 2%. rising by as much as 0.9% following the announcement.Asian equity markets, especially Japan
, which is seeing a strong bull market in stocks as the country enjoys an economic boom following its full post-Covid reopening. , which will be of interest to trend traders. Action has been dominated so far today by weakness in the Japanese Yen and strength in the Australian Dollar. Yesterday’s release of Swiss CPI data saw a month-on-month rise of 0.3%, exactly in line with expectations.There will be a release of Australian GDP data later today, which is expected to show growth of 0.
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