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Q4 CPI Miss Weighs On AUD, Sees OIS Softer By 2-5bps

AUSTRALIA DATA

Q4 CPI was weaker than expected in terms of headline and the trimmed mean. Headline rose 0.6%q/q, (0.8%) expected, which saw the y/y pace dip to 4.1% (4.3% expected and 5.4% prior). Trimmed mean rose 0.8% q/q (0.9% forecast), taking the y/y pace to 4.2% (4.3% forecast). The weighted median was as expected at 0.9% q/q.

  • The trimmed mean is also below the RBA's 4.5% forecast. Hence this will add to case for no change at the RBA's Feb meeting.
  • AUD/USD has slipped under 0.6590 post the outcome, around 0.20% lower.
  • In the rates space, OIS is 2-5bps softer beyond march meeting. Bond futures are richer as well.
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