AUD News

Australia is set to undergo a very material contraction over the first half of the year, the minutes of the monetary policy meeting of Reserve Bank of Australia showed on Wednesday. At the emergency meeting held on March 18, policymakers had reduced the key interest rate by 25 basis points to 0.25 percent and launched asset purchase programme.

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Australia posted a seasonally adjusted merchandise trade surplus of A$4.361 billion in February, the Australian Bureau of Statistics said on Tuesday.

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Australia's consumer confidence declined the most on record in April after the coronavirus outbreak evolved from serious concern to full-blown pandemic, survey data from Westpac showed on Wednesday. The Westpac-Melbourne Institute Index of Consumer Sentiment plunged 17.7 percent to 75.6 in April from 91.9 in March. This was the biggest monthly decrease in forty seven year history of the survey.

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The Australian Securities and Investments Commission said it will focus on efforts to protect consumers vulnerable to scams relating to the current situation with the coronavirus pandemic.

Further actions will be identified shortly and will include support for companies, which need to raise capital.

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The manufacturing sector in Australia fell deep into contraction in April, the latest survey from the Australian Industry Group revealed on Friday with a manufacturing PMI score of 35.8.

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The construction sector in Australia continued to contract in April, and at a much steeper pace due to the Covid-19 pandemic, the latest survey from the Australian Industry Group revealed on Tuesday with a Performance of Construction Index score of 21.6.

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Australia's central bank maintained its interest rate and the target yield on three-year government bonds as economy experiences severe downturn after measures taken to stem the spread of coronavirus, or Covid-19. At the monetary policy meeting on Tuesday, the Reserve Bank of Australia board kept its interest rate at a record low 0.25 percent.

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Retail sales in Australia spiked a seasonally adjusted 8.5 percent on month in March, the Australian Bureau of Statistics said on Wednesday - coming in at A$30.110 billion.

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• Australian Consumer Price Index data are coming up
• However, interest rates are likely to remain low whatever they show
• The Aussie’s downtrend remains in place

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Australia's central bank left its key interest rate and the target yield on three-year government bonds unchanged on Tuesday, as policymakers expect the economic downturn to be less severe than expected earlier. At the monetary policy meeting, the board of Reserve Bank of Australia, governed by Philip Lowe, decided to maintain cash rate and the targeted yield on three-year government bonds.

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