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RBA Holds Rates, Eurozone Inflation, and US Economic Signals

The Reserve Bank of Australia (RBA) held interest rates steady at 4.1% this morning, as widely expected. During the press conference that followed, Deputy Governor Michele Bullock indicated a willingness to support Australian economic growth in the future by lowering borrowing costs. There are suggestions that the RBA could take its next step toward cutting interest rates as early as May.

In Europe, inflation data will be released later this morning, covering both core inflation and overall inflation levels. Expectations point to a slight decrease in both indices, with a forecasted drop of 0.1 percentage points from the previous month. Core inflation has shown a consistent month-on-month decline, aligning with the European Central Bank’s goal of bringing inflation down to 2%. Today’s data is expected to show core inflation easing to 2.5% from 2.6%, while the overall inflation rate is forecasted to decline to 2.2% from 2.3%.

This afternoon, key US economic data will be released, including manufacturing figures and the JOLTS job openings report. Market expectations suggest a downturn in both indicators, signalling potential economic challenges ahead. The recent tariff discussions will continue tomorrow, but first, investors will closely watch today’s US manufacturing data—an industry that Donald Trump has pledged to strengthen and protect.

Overall, currency markets have been relatively quiet this morning, potentially reflecting investor caution ahead of Trump’s upcoming tariff announcements.

GBP/EUR 1.1947 GBP/USD 1.2922 GBP/AED 4.7487
GBP/AUD 2.0655 GBP/CHF 1.1399 GBP/CAD 1.8578
GBP/NZD 2.2750 EUR/USD 1.0806 GBP/ZAR 23.7405

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