Australia’s treasurer has warned that inflation in the country is expected to peak towards the end of the year and it will persist for a little bit longer because of the impact of the natural disasters and energy prices.
The New Zealand dollar rallied after the Reserve Bank of NZ stuck to its script with an outsized interest rate increase, unlike the Reserve Bank of Australia.
Australian shares had their best two-day rally since the start of the pandemic as investors seized on evidence of weaker US economic data as grounds for optimism that central banks will slow the pace of policy tightening and avert recession..