Friday, 29 March 2024
Jakarta
--:--
Tokyo
--:--
Hongkong
--:--
New York
--:--
RBA Highlights Recovery Uncertainties as Second Wave Threatens
Tuesday, 7 July 2020 14:06 WIB | FISCAL & MONETARY |RBAEkonomi Australia

Australia™s central bank chief highlighted worries among households and businesses about the health and economic outlook, as the nation™s successful run of Covid-19 containment was rocked by a new outbreak, damping the economy™s otherwise improving prospects.

Reserve Bank of Australia Governor Philip Lowe kept the cash rate and three-year yield target unchanged at 0.25%, as expected. Soaring job advertisementsand retail sales suggest the economy is recovering, yet a spiraling rate of cases in Australia™s second-largest city is a stark reminder of ongoing risks.

œThe downturn has been less severe than earlier expected and conditions have stabilized recently, Lowe said in a statement after the policy meeting. Still, œuncertainty about the health situation and the future strength of the economy is making many households and businesses cautious, and this is affecting consumption and investment plans.

The central bank is leaning on fiscal authorities to keep injecting stimulus into the economy to help make up for the retreat in private activity. Prime Minister Scott Morrison™s government will deliver an economic statement July 23 that will outline ongoing support and where it intends to let programs expire.

New South Wales and Victoria, the nation™s most populous and economically powerful states, will close their border tonight as Victorian authorities battle to contain Melbourne™s worst spike in coronavirus cases since the crisis began. The state government announced shortly after the RBA™s decision that it is locking down the Melbourne metropolitan area for six weeks.

The Australian dollar slipped on the Victorian announcement, trading at 69.56 U.S. cents at 3:45 p.m. in Sydney.

While Australia has been one of the standout performers globally in limiting the spread of the virus to about 9,000 cases, Victoria™s flare-up shows just how hard it is to eradicate without a vaccine, as Lowe himself warned.

Source : Bloomberg

RELATED NEWS
Bank of England Sees Economy 'Moving in Right Direction' for Rate Cuts...
Thursday, 21 March 2024 19:28 WIB

Britain's economy is "moving in the right direction" for the Bank of England to start cutting interest rates, Governor Andrew Bailey said as two of his colleagues dropped their vote a rate hike. The ...

Swiss National Bank Unexpectedly Cuts Rates in First for Advanced Economy...
Thursday, 21 March 2024 16:01 WIB

The Swiss National Bank unexpectedly cut its key interest rate Thursday, becoming the first central bank from a rich, advanced economy to make such a move since inflation rates began to ease from a po...

Fed Pencils in Three Rate Cuts in 2024, Shallower Path Ahead...
Thursday, 21 March 2024 02:18 WIB

Federal Reserve officials maintained their outlook for three quarter-point rate cuts this year but forecast fewer cuts than before in 2025 following a recent uptick in inflation. Officials decided un...

Fed Holds Rates Steady But Indicates Three Cuts Coming Sometime This Year...
Thursday, 21 March 2024 01:11 WIB

The Federal Reserve on Wednesday held interest rates steady as expected but signaled that it still plans multiple cuts before the end of the year. Following its two-day policy meeting, the central ba...

BOJ Governor Ueda's Comments at News Conference...
Tuesday, 19 March 2024 14:44 WIB

The Bank of Japan ended eight years of negative interest rates and other remnants of its unorthodox policy on Tuesday, making a historic shift away from a focus of reflating growth with decades of mas...

LATEST NEWS
Market Review Thursday, March 28, 2024

Nikkei Tokyo shares ended lower on Thursday after investors locked in dividend rights during the previous session. The benchmark Nikkei 225 index dropped 1.46 percent, or 594.66 points, to close at 40,168.07, while the broader Topix index lost...

S&P 500 Closes at a Fresh Record, Posts Strongest First Quarter Performance Since 2019

The S&P 500 rose Thursday as it aimed to wrap up its best first-quarter performance in five years. The broad market index was up 0.2%. The Dow Jones Industrial Average added 63 points, or 0.2%. The Nasdaq Composite was unchanged. For the...

WTI Crude Oil Closes Higher as Supplies Remain Tight on OPEC+ Cuts, Cutting Into Inventories

West Texas Intermediate (WTI) crude oil closed higher on Thursday following two losing sessions on expectations global inventories will continue to wane through the second quarter on OPEC+ production cuts and Ukrainian attacks on Russian...

POPULAR NEWS
S&P 500 Rises Slightly, Tries to Recover from Back-to-Back Losses
Tuesday, 26 March 2024 20:38 WIB

U.S. stocks rose slightly Tuesday, as investors tried to resume the rally that took equities to record highs after a decline in the previous...

Market Review Tuesday, March 26, 2024
Wednesday, 27 March 2024 03:31 WIB

Nikkei Tokyo stocks ended flat on Tuesday as investors held out hope for gains in semiconductor-related shares while locking in profits after...

European stocks close slightly higher; Tui shares up 5%, Maersk falls 2.6%
Wednesday, 27 March 2024 00:11 WIB

European markets closed higher Tuesday as investors continue to ponder last week's central bank policy decisions in Europe and the U.S. The...

Stock Futures Climb as Market Rally Takes a Breather
Tuesday, 26 March 2024 15:08 WIB

U.S. stock futures were all higher Tuesday morning, after the major averages took a breather from their rally. Dow Jones Industrial Average futures...