The dollar was heading for a second week of declines on Friday as sentiment stayed tilted towards riskier assets, while an intervention by the Australian central bank put a halt to the Aussie dollar's recent surge. The dollar index was last at 93.733, little changed in Asian hours but off 0.24% on the week, as it continues its fall from a 12-month high of 94.565 hit in earlier this month.
SYDNEY--Australia's central bank wants buy-now-pay-later platforms to scrap contract terms that prevent merchants from passing on the cost of using their service to consumers. The Reserve Bank of Australia on Friday said its payments system board believes it would be in the public interest for installment payment providers, which include Afterpay Ltd. and Zip Co., to remove their so-called no-surcharge rules. The rules prevent merchants from raising the cost of their...
SYDNEY--The Reserve Bank of Australia has defended its yield curve target of 0.10% after several days of inaction, tamping down speculation that it was preparing to signal an earlier start to interest rate increases. The RBA said it would buy 1 billion Australian dollars of April 2024 bonds, its first intervention since March, but traders said it will likely have to buy even more in order to restore the yield to target. The yield on the April 2024 bonds has been hovering around 17...
Australia's central bank said the outbreak of the Delta variant of COVID-19 had interrupted the recovery of the national economy but expects the setback to be temporary, with the economy to bounce back as vaccination rates continue to rise.
SYDNEY--The yield on Australian three-year government bond futures surged to its highest level since mid-2019 on Monday as growing fears about rising global inflation washed into the local market. The move also driven by higher-than- expected inflation in New Zealand. Since Friday's market close in Sydney, the spot three-year government futures contract has sold-off by around 22 basis points to an implied yield of 0.99%.
SYDNEY--Australia's economic growth has long been reliant on high immigration but as Covid-related lockdowns end and the country looks to throw open international borders, there is a growing debate about migrant intake that could reshape economy's outlook. Australia closed its borders to immigration in 2020 to curb coronavirus infections, turning net migration negative for the last two years. Before the pandemic, the country was taking in around 240,000 migrants per year,...
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