Aussie CPI (YoY) Oct: 6.9% vs. est 7.6% and prev 7.3% fails to excite
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The new monthly Consumer Price Index report for Australia has been released.
Its coverage is only partial, so there is less weight given to the data in markets that await the quarterly report as the benchmark for the Reserve Bank of Australia
The data arrived as follows:
Aussie CPI (YoY) Oct: 6.9% vs. estimated 7.6% and previous 7.3%.
Westpac looks for quarterly inflation to peak at 8.1% in Q4.
The Aussie has stuck to being flat for the day around 0.6685.
However, the price is on the backside of the trend so there could be a phase of distribution to play out over the coming days between a wide 0.6800/ 0.6600 range for the parameters hold. While there is liquidity on either side of the range, the downside bias is in play while below 0.6700 resistance:
Meanwhile, the National Australia Bank updated on their latest outlook for the Reserve Bank of Australia:
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