AUD/USD maintaining its session highs after RBA Governor Bullock hawkish again

Bullock was hawkish earlier on the week:

• RBA leaves cash rate unchanged at 4.35%, as expected
• RBA governor Bullock: Inflation progress has been slow for a year now
• RBA governor Bullock: A rate cut is not on the agenda in the near-term
• The response to the RBA meeting yesterday is a 25bp rate cut priced for December 2024

And, same again today:

• RBA Governor Bullock: Don’t expect to be back in 2-3% target range until end of 2025
• “The most recent inflation reading shows that while inflation is lower than it was a year ago, it is still too high. Inflation in many goods prices has declined but inflation in services prices is high and proving very sticky.”
• “I know this (raising rates) is not what people want to hear. But the alternative of persistently high inflation is worse. It hurts everyone,”
• “We don’t expect to be back in the 2–3% target range until the end of 2025 – over a year away. This is why the Board explicitly considered whether another interest rate rise was required to ensure inflation continues to decline.”

AUD/USD has risen on the session,. adding a little more:

This article was written by Eamonn Sheridan at www.forexlive.com.