The ASX sits just 2.4 per cent below its record high as traders await crucial inflation data that could influence the RBA’s rate decision next month.
The Australian sharemarket is poised to move within touching distance of its record high ahead of the release of local inflation data mid-week that will guide the Reserve Bank of Australia on whether it needs to raise interest rates again next month.P/ASX 200 will rise 0.5 per cent at the open on Monday after the benchmark index closed at aThe S&P/ASX 200 has had its strongest start to the year since 2020.
Traders will closely watch the release on Wednesday of Australian inflation data for the fourth quarter for clues on whether the RBA will deliver a ninth consecutive rate rise at its next policy meeting on February 7. Interbank futures imply about an 82 per cent probability that Australia’s central bank will lift interest rates next month, and an 18 per cent chance it will keep the cash rate on hold at 3.1 per cent.
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