- A consistent 'risk-off' mood pervades the market due to fears about a further deceleration of the Chinese economy, which significantly encumbers Australia's economic strength.
- The Australian Bureau of Statistics (ABS) showed this week that Australia's Q2 headline CPI saw an escalating 1.0% QoQ, with an acceleration to 3.8% YoY from previously being 3.6%. Concurrently, June's headline CPI is expected to have fallen to 3.8% YoY.
- Foreseeing a staunch inflation rate that greatly exceeds the 2-3% target range, the RBA seems to exercise patience with policy adjustments.
- While markets hope for a September cut of the Federal Reserve (Fed), the odds of a hike in Q4 by RBA cooled down due to the economic concerns on China but it is still expected to delay cuts until Q2 from 2024 which might limit the downside for the Aussie.
- For the remaining parts of the Friday session, traders will observe the Nonfarm Payrolls (NFP) report which is scheduled for release and could greatly affect the pair’s rhythm
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