We had the Reserve Bank of Australia rate hike yesterday, accompanied by a leaning hawkish statement. Summary in the wrap:

ForexLive Asia-Pacific FX news wrap: RBA hikes cash rate by 25bp as expected

More detail:

TD on the statement:


We've just had data from Oz:

There is not really anything in the GDP data to suggest a pause. Indeed, if you check out that post you'll see the still high level of the household saving rate. This indicates consumers still have an accumulation of financial buffers that will continue to support domestic demand well into 2023. No need for the RBA to pause just yet. The next Reserve Bank of Australia meeting is February 7.

AUD not doing a lot:

aud rba gdp 07 December 2022