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Credit Agricole strategists react to the.....>

AUSSIE: Credit Agricole strategists react to the Australian CPI release and note
that while electricity prices made a significant contribution to inflation on
the back of higher domestic gas prices, this contribution was offset by
declining prices for other commodity-related prices such as food and automotive
fuel. They add "despite today's inflation data, we continue to think the RBA is
closer to raising rates than the RBNZ, especially with the RBNZ's inflation
targeting mandate to be loosened in the coming month(s) as the new government
revises the RBNZ Act and the government likely appoints a dovish RBNZ Governor
to interpret this new mandate." "We remain long AUD/NZD targeting 1.15." 

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