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BoJ Signals Further Tightening as Australia Holds Rates

Japan raised its interest levels to a base rate of 1%, its highest levels since back in 1995. It did not come as a surprise, as markets did expect a hike of 25 basis points. In the meeting after Deputy Governor Shinichi Uchida mentioned that compare to its previous meeting in April, when US and Iran were further apart from an agreement, stability in the region would be welcoming. However, there is still uncertainty of oil distribution to Japan that can lead to inflation being more stickier. Given an idea that BoJ potentially planning further monetary actions later in the year.

Reserve Bank of Australia held its base rate at bay, 4.35%. After three consecutive increases this year, the central bank wants to wait and see its effect. Members of RBA did mention that if inflation does not continue to move back towards its target, further rate hike is to be expected.

GBP/EUR 1.1555 GBP/USD 1.3407 GBP/AED 4.9267

GBP/AUD 1.8994 GBP/CHF 1.0654 GBP/CAD 1.8783
GBP/NZD 2.3034 EUR/USD 1.1588 GBP/ZAR 21.7089

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