Strong Household Spending Fuels RBA Hike Bets

The recent release of household spending data has bolstered expectations for an interest rate hike by the Reserve Bank of Australia (RBA). The Australian dollar (AUD) and the S&P/ASX 200 index have both been affected by these developments. According to City Index UK, the latest figures show a 0.8% increase in household spending during the quarter, beating market expectations.

This news has strengthened bets for an RBA interest rate hike, with some analysts predicting a 25 basis point increase. The Australian dollar (AUD) and the S&P/ASX 200 index have both responded positively to this news, with the AUD gaining against the US dollar.