The Australian Dollar (AUD) underperformed and Australian bonds surged on cooler Australia underlying inflation.
The Australian Dollar underperformed and Australian bonds surged on cooler Australia underlying inflation.The policy-relevant trimmed mean CPI rose 0.2pts less than expected by 0.8% q/q to be 3.9% y/y , BBH FX analysts note. Softer Australia inflation pushes USD downwards “Australia headline CPI matched consensus. HeadlineCPI rose 1% q/q driven by Housing andNon-alcoholic beverages. Annually, the CPI inflation quickened to 3.8% from 3.6% in Q1.
” “Meanwhile,Australia households continue to curb spending. In volume terms,retail turnover fell more than expected in Q2 by -0.3% q/q following a -0.4% q/q decline in Q1. In nominal terms, retail sales growth overshot expectation rising 0.5% m/m in June as mid-year sales boosted spending on discretionary items.” “Softer Australia underlying inflation and poor retail sales activity meanRBA rate hikes are off the table.
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