Thursday 8th June 2023
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Hot on the heels of the RBA, the Bank of Canada also lifted interest rates yesterday against market expectations. JB Were’s Sally Auld says markets are having to adjust to the new reality, that central banks aren’t done yet. That’s certainly been reflected in bond yields, rising sharply in the US, Canada and Europe. Philip Lowe yesterday did nothing to talk down the likelihood of another rise, pointing to rising wages against falling productivity as a problem that has to be overcome. China’s trade data has shown a big fall in exports, which has seen the CNY down against the US dollar, which Sally says challenges any potential rise in the Aussie.
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