SWIFT/BIC code, also known as Bank Identifier Code (BIC) is an 8-11 alphanumeric code used to identify a bank. DailyFX Limited is not responsible for any trading decisions taken by persons not intended to view this material.Typical bank details required to initiate an international money transfer include: Any examples given are provided for illustrative purposes only and no representation is being made that any person will, or is likely to, achieve profits or losses similar to those examples. It is not a solicitation or a recommendation to trade derivatives contracts or securities and should not be construed or interpreted as financial advice. This information is made available for informational purposes only. Information presented by DailyFX Limited should be construed as market commentary, merely observing economical, political and market conditions. We recommend that you seek independent advice and ensure you fully understand the risks involved before trading. We advise you to carefully consider whether trading is appropriate for you based on your personal circumstances. Leveraged trading in foreign currency or off-exchange products on margin carries significant risk and may not be suitable for all investors. The upcoming National People’s Congress (NPC), which starts this weekend, may offer some insights into this prospect. This scenario might be bearish for AUD/USD but in turn, a lower exchange rate may assist the domestic economy, especially if China is able to ignite its growth plans. Reining in price pressures at a time of softening aggregate demand might lead to deepening stagflation. The latest unemployment data showed the labour market loosening a fraction but still relatively tight by historical measures with the unemployment rate at 3.7%. Potentially compounding the problem could be the so-called ‘mortgage cliff’ where fixed rate borrowers will be re-adjusting the repayments at over 300 bp higher.Īll of this illustrates the tricky road ahead for the RBA. Housing prices have continued to slip lower and business sentiment surveys are deteriorating. Some leading indicators might be a harbinger of the headwinds ahead. The picture down the track seems to be somewhat opaque with a high degree of uncertainty. The fundamental data points toward mixed signals for the economy but the RBA seem to have little choice but to tighten further in the near term with inflation so rampant. Month-on-month retail sales for January were up 1.9% rather than 1.5% anticipated and -4.0% prior. The fourth quarter current account surplus came in at AUD 14.1 billion against AUD 5.5 forecast and the previous print revised up to AUD 0.8 billion from AUD -2.3 billion. Today’s data comes on the back of yesterday’s retail sales and current account. The latest inflation read is way above the RBA’s target band of 2-3% at 7.8% year-on-year. If they do, it will be the tenth hike since the lift-off in May last year. They are anticipated to increase their cash rate target by 25 basis points (bp) to 3.60%. Today’s GDP figures arrive ahead of the Reserve Bank of Australia’s monetary policy meeting next Tuesday. The currency recovered later in the day on solid Chinese data.Īnnual GDP to the end of December was 2.7% as anticipated reveal more upward revisions to prior quarters. The Australian Dollar sunk below 67 cents after 4Q quarter-on-quarter GDP came in at 0.5% rather than the 0.8% forecast and against the previous 0.7% that was revised up from 0.6%.
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