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Australian Dollar Jumps on Hot CPI Data. Where to for AUD/USD?
The Australian Dollar made a 5-moNth high in the aftermath of headline CPI of 7.8% beating forecasts of 7.6% year-on-year to the end of December and against 7.3% previously. The December quarter-on-quarter headline CPI was 1.9% rather than the 1.6% anticipated and 1.8% prior. The RBA’s preferred measure of trimmed-mean CPI was 6.9% year-on-year to the end of 2022 instead of estimates of 6.5% and 6.1% previously. The trimmed mean quarter-on-quarter CPI read of 1.7% was above the 1.5% forecast and there was a revision to the prior quarter, up to 1.9%. Interest rate futures markets nudged up the odds of a 25 ... (full story)