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Aussie inflation cools with big miss in CPI print – AUDUSD dumps

28 June 2023 By Lachlan Meakin

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Australian CPI figures today see a rapid cooling in Aussie inflation, coming in at 5.6% y/y against an expected 6.1% and a big drop from April’s 6.8% shock to the upside.

This saw a rapid re-pricing of rate hike odds at the next RBA meeting on July 4th, with interbank futures signaling odds have dropped to 17% of a 25bp move, from 25% pre-CPI.

Unsurprisingly a rapid fall in AUDUSD was also a consequence of this market repricing, after finding some support at the 50% retracement level of the June low to highs this week, AUDUSD pushed lower to test the 618% Fibonacci level before finding some buyers. These two levels will be worth watching, whether AUDUSD can regain and again find support at the 50% retracement or that level now becomes resistance and puts the 61.8% retracement level in danger of giving way.

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Disclaimer: Articles are from GO Markets analysts and contributors and are based on their independent analysis or personal experiences. Views, opinions or trading styles expressed are their own, and should not be taken as either representative of or shared by GO Markets. Advice, if any, is of a ‘general’ nature and not based on your personal objectives, financial situation or needs. Consider how appropriate the advice, if any, is to your objectives, financial situation and needs, before acting on the advice.