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MNI BRIEF: Aussie Business Confidence Wanes, Conditions Strong

MNI (PERTH)
(MNI) Perth
Central Bank NewsPolicy NewsAPACAustraliaBriefStoryRBARegion

The Reserve Bank of Australia will heed the slide in Australian business confidence amid rising rates, as markets slashed the odds of another rate rise amid the turmoil unleashed by the collapse of Silicon Valley Bank.

RBA Governor Philip Lowe said last week the business survey would be one of four indicators he would monitor ahead of the April 4 meeting. The other three indicators are jobs, retail sales and the monthly Consumer Price Index. Overnight indexed swaps have priced in 1-2bp of easing at the April 4 meeting, while a 25bp cut is now fully priced in for the December meeting. (See STIR : RBA-Dated OIS Strip Calls Time On RBA Hiking Cycle (For Now)

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The Reserve Bank of Australia will heed the slide in Australian business confidence amid rising rates, as markets slashed the odds of another rate rise amid the turmoil unleashed by the collapse of Silicon Valley Bank.

RBA Governor Philip Lowe said last week the business survey would be one of four indicators he would monitor ahead of the April 4 meeting. The other three indicators are jobs, retail sales and the monthly Consumer Price Index. Overnight indexed swaps have priced in 1-2bp of easing at the April 4 meeting, while a 25bp cut is now fully priced in for the December meeting. (See STIR : RBA-Dated OIS Strip Calls Time On RBA Hiking Cycle (For Now)

Keep reading...Show less