Australian Dollar Falls As Soft Inflation Fuels RBA Rate Pause Hopes
29 Março 2023 - 02:15AM
RTTF2
The Australian dollar depreciated against its most major
counterparts on Wednesday, as the nation's consumer inflation
slowed more than expected in February, bolstering hopes for a pause
in the policy tightening by the Reserve Bank of Australia.
Data from the Australian Bureau of Statistics showed that the
CPI advanced 6.8 percent year-on-year in February, slower than the
7.4 percent increase in January.
Economists had expected a 7.2 percent rise.
CPI excluding fruit, vegetables and fuel rose 6.9 percent, down
from 7.5 percent in January.
Soft inflation reading raised hopes that the RBA will pause its
tightening cycle next week.
The aussie edged down to 0.9077 against the loonie and 0.6667
against the greenback, from an early high of 0.9123 and a 6-day
high of 0.6713, respectively. The aussie is seen finding support
around 0.88 against the loonie and 0.64 against the greenback.
Reversing from its early highs of 1.0730 against the kiwi and
1.6151 against the euro, the aussie fell to a 5-day low of 1.0685
and a 2-day low of 1.1317, respectively. The currency may find
support around 1.045 against the kiwi and 1.65 against the
euro.
In contrast, the aussie was up against the yen, at a 6-day high
of 88.30. Immediate resistance for the currency is seen around the
92.00 level.
Looking ahead, U.S. pending home sales for February are set for
release in the New York session.
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