RBA Deputy Governor Bullock: Seeing wider inflation pressure in the economy

Michele Bullock, Deputy Governor at the Reserve Bank of Australia, is crossing the wires again, this time accompanied by the Assistant Governor (Financial Markets), Christopher Kent. They are appearing before the Australian parliament's Senate Economics Legislation Committee.

Bullock said previously this week that further increases in interest rates will be required. She said size and timing of rate hikes will depend on the data and wants that inflation is too high, and increasingly broad-based while watching the inflationary impact of rising electricity prices and rents.''

She said in recent trade that she is seeing wider inflation pressure in the economy and that we must raise interest rates to influence demand.

Meanwhile, AUD/USD is trading at 0.6432, flat on the day and within a range of 0.6422 and 0.6436 following a volatile day on Wednesday, suffering a blow on the back of a strong US dollar and yields that rallied due to a soft US Treasury auction.