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Firmer Data Boosts AUD

AUD

AUD/USD hit a high of 0.6914 post the better than expected retail sales and CPI data for Nov. We have stabilised somewhat now, last just below 0.6910, but the A$ is outperforming against the rest of the G10. Yesterday's high in AUD/USD was close to 0.6930, while on Monday we topped out at 0.6950.

  • Headline inflation printed at 7.3% y/y, versus 7.2% forecast. The trimmed mean was 5.6%, 5.5% was expected. Both inflation measures showed sequential gains from October in y/y terms and still fairly broad based price pressures. Retail sales posted a solid +1.4% m/m gain, +0.6% was the forecast, while October was also revised up meaningfully, to +0.4% from -0.2% originally reported.
  • At the margin, the data should raise the odds of further RBA action in February.
  • The AU-US 2yr government bond yield spread has firmed a touch post the data, last around -92bps, although this is little changed from levels that prevailed this time yesterday.
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