AUD/USD Recovers Losses After Australian Inflation Data
Wednesday, 30 October 2019 08:02 WIB | CURRENCIES |AUD/USD,Dollar Australia,Aussie

The bid tone around the AUD strengthened, helping the AUD/USD pair recover losses after Australia's third-quarter inflation ticked higher as expected.

Australia's annualized consumer price index inched up slightly to 1.7% from 1.6% in three months to September. On a quarterly basis, the inflation decelerated slightly to 0.5% from the previous quarter's 0.6%.

The headline CPI was tipped to increase by 0.5% for the quarter and 1.7% over the year.

The trimmed mean CPI measure “ the RBA™s preferred gauge of tracking underlying price pressures “ increased 1.6% year-on-year and 0.4% quarter-on-quarter, as expected.

The uptick in the annualized inflation figure will likely force markets to price out the prospect of a further rate cut by the Reserve Bank of Australia (RBA) in November. Ahead of the inflation report, the implied probability of a 25 basis point cut to the cash rate in November stood at just 14%. Meanwhile, for the first time, the market is no longer priced for a 25 basis point cut in the first half of 2020.

The AUD, therefore, could continue to gain altitude during the day ahead. As of writing, the AUD/USD pair is trading at 0.6865, having recovered by 16 pips from the low of 0.6849 following the release of the Aussie CPI data.

Source : FX Street

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