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Hawkish RBA Bets Added As Inflation Pressure Builds

AUD

Better than forecast inflation data boosted expectations of earlier rate hikes from the RBA, providing a fillip for the AUD. Australia's consumer prices rose 3.5% Y/Y in Q4 (median est. +3.2%), while the RBA's preferred gauge of core inflation printed at +2.6% Y/Y (median est. +2.3%), topping the mid-point of the Reserve Bank's target range for the first time since Jun 2014.

  • AUD/USD has added 18 pips and last operates at $0.7162, familiar technical levels remain in play. The Aussie dollar sits atop the G10 pile.
  • AUD/NZD trades +30 pips at NZ$1.0694, with bulls looking to a break above Jan 21 high of NZ$1.0714, followed by Jul 13 high of NZ$1.0740. Bears keep an eye on the 200-DMA at NZ$1.0566.
  • AUD/JPY sits +22 pips at Y81.65. Topside focus falls on Jan 20 high of Y82.97, while bears would be pleased by a pullback past yesterday's low of Y80.70 towards Dec 20 low of Y80.28.
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