RBA Raises Interest Rates Amid Inflation Concerns

The Reserve Bank of Australia (RBA) raised interest rates as expected by 25 basis points to 4.60%, citing elevated inflation risks and geopolitical tensions in the Middle East.

Accompanying data on household spending in Australia showed stagnation at 0.0% MoM, confirming an economic slowdown amidst persistent price pressures.

The UK's BRC Shop Price Index fell to 1.4% YoY, while a series of central bank speeches from Fed, ECB, RBA, Bank of England representatives is set to dominate the rest of the day.