australianmarkets

$AUD /USD: RBA weighs stagflation risks – Commerzbank

Commerzbank economists Dr. Henry Hao and Moses Lim note $AUD /USD slipped to 0.6950 as Australia faces a stagflationary dilemma. Pre-war core inflation held at 3.3% while a Middle East energy shock could push prices higher. With confidence and services PMIs weakening, markets still price a 54% chance of a Reserve Bank of Australia rate hike in May.

RBA caught between inflation and growth
"AUD/USD fell 50 pips to 0.6950. The AUD's resilience is partly due to lingering hawkish bets as the Reserve Bank of Australia (RBA) confronts a severe stagflationary dilemma."

While Australia's pre-war February core inflation was unchanged at 3.3%, the unfolding Middle East energy shock threatens to steepen the inflation trajectory in the coming months."

"On the other hand, consumer confidence already plunged to record lows while services PMIs flipped into contraction."

"The RBA will carefully weigh recession risks against the need to contain price spillovers from surging fuel costs, keeping markets pricing a 54% probability of a rate hike in May."

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Newmont Cadia Gold Mine to Spend $300k on Dust Monitoring After EPA Dust Incidents

One of Australia’s largest gold mines will install new dust monitors as part of an enforceable agreement with the EPA following past dust emission events.

Newmont’s Cadia Gold Mine in NSW will spend ~A$307,500 on five new dust monitoring stations for the state’s Rural Dust Monitoring Network.

The mine also agreed to pay A$25,000 to cover investigative and legal costs from two dust incidents in 2022.

This step follows prior environmental actions and fines related to dust emissions and air quality compliance at the site.

Improving real-time air quality monitoring can help address community concerns and enhance environmental oversight of mining operations — an increasingly important focus for regulators and investors.

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$AUD
The Australian and New Zealand dollars wobbled on Monday after the nomination of Kevin Warsh as the next U.S. central bank chief lifted the embattled greenback and sent prices for precious metals tumbling.

The Aussie hit a one-week low of $0.6923 before steadying at $0.6970. It lost 1.2% on Friday to break a nine-day winning streak, which saw it retreat further from a three-year peak of $0.7094.

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