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AUD/USD Dip Post Q1 CPI Short Lived

AUD

The A$ softened post the Q1 CPI data. We dipped to a low of 0.6612, below what we saw in late NY on Tuesday. However, this was short lived. We sit back at 0.6225/30 now, little changed for the session. Bond yields eased, the 3yr to a 2.93% handle but we now sit back at 2.97%, around -3bps versus pre data levels.

  • The CPI prints were, on balance, weaker than expected, particularly across the core measures (1.2% q/q for trimmed mean, versus 1.4% expected and 1.7% prior).
  • Headline inflation was a touch firmer in headline q/q terms, +1.4% (+1.3% expected. +1.9% prior). Headline y/y was 7.0% y/y for Q1, but for the month of March eased to 6.3%. Hence still signs inflation pressures have peaked.
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