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Above-Forecast CPI Figures Provide Support

AUD

The Aussie dollar knee-jerked higher as Australian CPI figures beat expectations across the board. Headline inflation accelerated to +5.1% Y/Y in Q1, marking the first above-5% reading since 2001. The key gauge of core inflation (trimmed mean) quickened to +3.7% Y/Y, smashing consensus forecast of +3.4%, and printing comfortably above the upper end of the RBA's +2.0%-3.0% Y/Y target range.

  • The ABS commented that "strong demand combined with material and labour supply disruptions throughout the year resulted in the highest annual inflation for new dwellings since the introduction of the GST," adding that "annual price inflation for automotive fuel was the highest since the 1990 Iraqi invasion of Kuwait."
  • AUD/USD has shed its post-CPI gains but remains elevated after its earlier upswing. The rate sits at $0.7153, up 30 pips on the day, with familiar technical parameters still in play.
  • AUD/NZD jumped after the release of Australian inflation data and last deals +41 pips at NZ$1.0894. Yesterday's peak has given way, with bulls looking for further gains towards Apr 21 high of NZ$1.0999. Bears need a fall through Apr 25 low of NZ$1.0825 to regain poise.
  • AUD/JPY has extended gains post-CPI, the pair last sits +67 pips at Y91.30. Bulls look to a rally towards Apr 20 high of Y95.75, while bears keep an eye on the 50-DMA at Y88.94.
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The Aussie dollar knee-jerked higher as Australian CPI figures beat expectations across the board. Headline inflation accelerated to +5.1% Y/Y in Q1, marking the first above-5% reading since 2001. The key gauge of core inflation (trimmed mean) quickened to +3.7% Y/Y, smashing consensus forecast of +3.4%, and printing comfortably above the upper end of the RBA's +2.0%-3.0% Y/Y target range.

  • The ABS commented that "strong demand combined with material and labour supply disruptions throughout the year resulted in the highest annual inflation for new dwellings since the introduction of the GST," adding that "annual price inflation for automotive fuel was the highest since the 1990 Iraqi invasion of Kuwait."
  • AUD/USD has shed its post-CPI gains but remains elevated after its earlier upswing. The rate sits at $0.7153, up 30 pips on the day, with familiar technical parameters still in play.
  • AUD/NZD jumped after the release of Australian inflation data and last deals +41 pips at NZ$1.0894. Yesterday's peak has given way, with bulls looking for further gains towards Apr 21 high of NZ$1.0999. Bears need a fall through Apr 25 low of NZ$1.0825 to regain poise.
  • AUD/JPY has extended gains post-CPI, the pair last sits +67 pips at Y91.30. Bulls look to a rally towards Apr 20 high of Y95.75, while bears keep an eye on the 50-DMA at Y88.94.