Market WATCh Weekly 8 July 2022

Market WATCh Weekly 8 July 2022

May 20, 2022

As expected, the RBA has increased its policy interest rates by 50bps, including lifting the cash rate to 1.35%. Data-wise, building approvals and new home loans both rose in May, while the trade surplus reached a new record high. ANZ job ads increased in June, while the Melbourne Institute inflation gauge declined a little, but remained elevated at 4.7%. Payroll jobs have been steady in the month to 11 June and total wages fell, likely due to seasonal factors and COVID. Offshore, the ISM reports pointed to a slowdown in US growth, with a contraction in employment and still elevated price pressures. The Chinese Caixin services PMI rose back into expansion.

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