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25 Oct 2022

AUD/USD revisits 0.6300 support after Australia unveils Labor's first budget

Australian Treasurer Jim Chalmers presented Labor's first budget on Tuesday, with the key forecasts noted below.

Australian govt forecasts CPI at 5.75% in 2022-23.

Govt forecasts CPI to return to RBA band in 2024-25.

Govt Forecasts GDP growth of 3.25% in 2022-2023.

Govt forecasts GDP growth of 1.25% in 2023-2024.

Govt forecasts unemployment at 4.5% in 2023-2024.

Market reaction

AUD/USD broke its consolidative range to the downside on the budget release, now testing 0.6300 once again. The pair is bearing the brunt of risk-off flows seeping back into markets, despite upbeat sentiment data from Germany. Meanwhile, the US dollar is struggling to find demand, exerting additional downside pressure on the aussie.

Oct 25, 2022

EUR/GBP to meander slowly up to 0.90 or so – SocGen

EUR/GBP has settled above 0.87. Kit Juckes, Chief Global FX Strategist at Société Générale, believes that the pair could advance nicely towards the 0.
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Oct 25, 2022

S&P Global Ratings: Australian budget won't greatly add to inflationary pressures

Following the release of the Australian Federal Budget, S&P Global Ratings was quick to offer its review on the same. Key takeaways “The budget won't
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