Reserve Bank of Australia (RBA) Governor Michele Bullock took questions from the audience after her speech at the Anika Foundation event in Sydney on Thursday. Here are some key quotes from her address:
Level of demand for goods and services higher than supply.
Need to see results on inflation before lowering rates.
Trying to manage demand down to where it is in line with supply.
Trying to manage demand so unemployment does not rise too much.
Interest rate policy is clearly working.
Board is not going to focus on one inflation number.
Slightly elevated A$ is positive for inflation fight.
Will be looking closely at Q3 CPI, but there are other indicators.
Need to see inflation slowing in the actual numbers before acting.
Market Reaction
The AUD/USD pair was last seen trading at 0.6720, remaining flat on the day despite the comments made by Governor Bullock.
The table below displays the percentage change of the Australian Dollar (AUD) against the major currencies for today. The Australian Dollar showed strength against the Euro.
It is important to pay attention to the market reactions to Governor Bullock’s statements, as they can have an impact on currency exchange rates and overall market sentiment.