Aussie low on China worries, European inflation eases

Thursday 1st June 2023

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The Aussie dollar has fallen further on the back of weaker than expected PMI data from China. NAB’s Ray Attrill says it adds to the view that the post-COID recovery is losing momentum. Australia was also hit with higher-than-expected inflation numbers yesterday, which has added to the expectations for a quarter percent rate rise by the RBA next week. European inflation reported so far has largely shown the worst might be over, but we get the Euro areas CPI figure today. If the US Fed is looking for an easing labour market there is little sign of it today, with job openings up and the Beige book reporting companies continuing to find it difficult to recruit people. There is plenty more US jobs data to come this week.

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