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A$ Surges On CPI Beat, AUD/NZD Back Through 1.0900

AUD

AUD/USD has risen post the Q4 and Dec monthly CPI beats. All the prints came in firmer than expected, headline q/q at 1.9% (1.6% expected, 1.8% prior), y/y at 7.8% (7.6% forecast, 7.3% prior). Trimmed mean rose 1.7% q/q, (1.5% expected), while there was also an upward revision to Q3 to 1.9% from 1.8%. Dec monthly CPI rose to 8.4% y/y from 7.3% (7.7% was the forecast).

  • AUD/USD sits just off session highs, last around 0.7070, against a 0.7085 high. We are still +0.35% for the session and outperforming the rest of the G10, which is seeing some weakness against the USD.
  • We went through Jan 18 highs of 0.7063, while the Aug 11 high sits at 0.7137.
  • The AUD/NZD cross is rallying, the pair through 1.09, last at 1.0910/15. This comes after the slightly softer than expected NZ CPI print earlier (at least relative to RBNZ expectations).
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