According to Odaily Planet Daily, although Reserve Bank of Australia Chairman Bullock hinted that there would be no interest rate cut in the near future, the money market has been betting on a rate cut. However, Australia's inflation rate in July was slightly higher than expected, and the rate cut bets began to fade.
The market has now reduced the probability of a RBA rate cut in November to 42% from 56% before the data was released. However, the market still expects an 88% chance of a RBA rate cut in December, as the Fed may have made two rate cuts by then based on current market pricing.
