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A$ Dips On Monthly CPI Miss, But Weakness Is Short Lived

AUD

AUD/USD dipped to session lows around 0.6670 following the October monthly CPI miss. The print came in at 6.9% y/y, well below expectations of 7.6%, while the trimmed mean also missed, printing at 5.3% y/y, against a 5.7% forecast. The headline monthly CPI measure has shown a flattish y/y trend since July of this year.

  • The currency has stabilized somewhat now, and is tracking back around 0.6690, flat for the session. The USD is slightly softer elsewhere in terms of the majors.
  • Other data was mixed, with Q3 construction work done at +2.2%, versus +1.5% forecast. Revisions were also positive. Building approvals for October fell by -6.0% m/m though (-2.0% forecast). Credit figures were as expected.
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