Australian Dollar Little-Changed on 3Q Inflation Figures
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- Australian CPI Falls to 2.3% y/y in 3Q from 3.0% y/y in 2Q as Expected
- Quarterly Inflation Gain Outperformed (0.5% q/q vs. 0.4% Forecast)
- Australian Dollar Little-Changed as In-Line CPI Leaves RBA Bets Intact
The Australian Dollar was little-changed after a broadly in-line third-quarter CPI data set. The year-on-year figure registered at 2.3 percent as expected. The quarter-on-quarter reading came in at 0.5 percent, slightly better than analysts’ forecasts calling for a 0.4 percent result.
The Aussie briefly dipped lower after the figures crossed the wires but the move would not prove lasting. Although inflation dropped from the second quarter, the as-expected result offered traders no impetus to adjust their RBA policy bets and thereby offered no meaningful direction cues for the exchange rate.
On the technical front, Currency Strategist Ilya Spivak sees support at 0.8659 and resistance at 0.8845.
AUDUSD1-hour Chart – Created Using FXCM Marketscope