More negative news flow for the AUD, this time from MS
Earlier we got this from RBA's Ian Harper:
- WSJ article: RBA Still Not Ruling Out Rate Cut
- More on RBA Harper saying "still not ruling out rate cut" - full text
Now this (bolding mine):
- weakness in retail sales over the past two months may soon become entrenched
- "crunch time" for Australian households has begun
- "In early June, we expressed the view that the Australian consumer faces a domestic cash flow and credit crunch ... Income growth has not recovered, 'cost of living' inflation is re-accelerating and 'macro-prudential'-related tightening of credit conditions is extending from housing into consumer finance."
And there is plenty more here at Business Insider, check it out: MORGAN STANLEY: Australia's consumption crunch is here
AUD/USD is near its session low circa 0.7750
