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Australian CPIs softer-than-expected

FXstreet.com (Barcelona) - The Australian consumer price index series came at the lower end of expectations, with the first quarter price inflation standing at +0.4% QoQ vs +0.7% expected. On a yearly basis, +2.5% YY vs +2.8% expected was the read.

The 'core' also known as RBA trimmed mean CPIs (QoQ) came at +0.4% vs +0.5%, while on a year-to-year basis, +2.3% was the print vs expectations of +2.4%.

The CPI in Australia today is a component out of many others that may strengthen the chances of an RBA interest rate cut further down the road, something that, as Greg McKenna, CEO at Global FX has stated earlier today, "the interest rate markets have started to price in over the past week or so."

Australia 1Q RBA trimmed mean CPI (YoY) down to 2.2% vs 2.3%

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Forex: AUD/USD edges lower on CPI miss

The AUD/USD is currently trading down 15 pips at 1.0243. The pair was previously trading as high as 1.0275 earlier in the session before the CPI figure release which sent the pair as low as 1.0236.
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