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AUD Dips Slightly Post CPI Miss, But No Follow Through

AUSTRALIA DATA

Jan CPI data was softer than expected, printing at 3.4% y/y, versus 3.6% forecast. This leaves the y/y pace unchanged from Dec. More details to follow.

  • AUD/USD has dipped modestly post the print. We were around 0.6545 prior to the outcome, getting to a low of 0.6537, but now track close to unchanged.
  • In the bond space, futures are up 1 tick, while OIS is unchanged.
  • Other data showed Q4 construction work done as +0.7% q/q, close to expected (0.6%).

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