Australian CPI data released hours ago shows a faster-than-expected drop in inflation, with the annualized rate now standing at 6.8% when 7.2% was expected.
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- Australian CPI (inflation) data shows a fall in the annualized rate from 7.4% to 6.8%, which is a meaningful drop, and better than the expected figure of 7.2%. The Australian Dollar weakened slightly following the release, as this may slightly soften the projected need for rate hikes by the RBA.
- Asian stock markets have had a good day, with the Japanese Nikkei 225 Index up by more than 1% while the Chinese HSI is up by more than 2% on news of Alibaba’s revamp. Stocks in the USA yesterday were mixed.
- In the Forex market, the US Dollar is rising over the short term after declining for the past two days in line with its long-term bearish trend. Over the short term, the US Dollar looks like the strongest major currency, while the Japanese Yen is the weakest.
- Several commodities are performing strongly, notably WTI Crude Oil, while the Sugar ETF CANE has reached a multi-year high price.
- President Biden has warned that “the banking crisis is not over yet”.
- Yesterday’s release of US CB Consumer Confidence data showed stronger than expected consumer confidence in the USA.
- There are no major data releases scheduled for today.
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