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Australian dollar stabilizes positive after retail data release

The Australian dollar settled against most of the major currencies positively during trading on Wednesday, following the release of positive economic data.

Today, global markets are turning their attention to Portugal, where the European Central Bank will hold a forum on monetary policies and banking plans of major central banks, and the sessions of the forum will be attended by the heads of the Federal Reserve, "Jerome Powell" and the Bank of England, "Andrew Bailey" in addition to the President of the European Central, "Christine Lagarde".

It should be noted that the President of the Central Bank of Australia "Philip Law" had recently stated that he rules out the possibility of his country's economy falling into recession due to the tightening monetary policy that he is currently adopting.

Law added that the Reserve Bank of Australia may decide to raise rates by 25 to 50 basis points at its next meeting.

Economic data showed that the retail sales index in Australia increased by 0.9% during last May, while expectations indicated a rise of 0.3%.

In terms of trading, the Australian dollar settled against its US counterpart by 4:29 GMT at the level of 0.6905.

 

2022-06-29 06:08:42