A rate rise for Australians looking imminent

The Australian monthly Consumer Price Index (CPI) indicator rose 4.0 per cent in the 12 months to May 2024, up from 3.6 per cent in April, according to the latest data from the Australian Bureau of Statistics (ABS). With the CPI indicator moving the wrong way - policymakers are really only left with one weapon to combat rising inflation, raising rates.

 

And Israel-Lebanon tensions are looking to escalate again. Israel's defence minister, Yoav Gallant, has warned that Israel's military is capable of taking Lebanon “back to the stone age”. Fears are mounting that continued tension in the region could lead to the involvement of Iran as well.

 

US data drove Gold prices upwards yesterday. With GDP slightly up, Durable goods up slightly and jobless claims down - the US economy is looking increasingly strong. 

 

Enjoy today’s charts and forecasts.

  

Gold daily chart, with 200MDA


 


 

Silver daily chart, with 200MDA

 

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US500, with 200MDA

 

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ASX200, with 200MDA