Australian PM Morrison: Russia-Ukraine war will depress global growth

Dhwani Mehta FXStreet

Speaking at the Chamber of Commerce and Industry WA on Wednesday, Australian Prime Minister Scott Morrison warned Australia will likely be affected by the negative global economic fallout from Russia's invasion of Ukraine.

Key quotes

“The world is facing the biggest energy shock since the 1970s.”

"That is likely to depress global growth and we know higher oil prices mean greater pressure on family budgets at the petrol bowser.”

Market reaction

AUD/USD is ignoring the cautious remarks from the Australian leader, as it cheers the rebound in oil and gold prices.

The pair is currently trading at 0.7207, near-daily highs, up 0.17% on the day.

Author

Dhwani Mehta

FXStreet

Residing in Mumbai (India), Dhwani is a Senior Analyst and Manager of the Asian session at FXStreet. She has over 10 years of experience in analyzing and covering the global financial markets, with specialization in Forex and commodities markets.

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