AUD/USD Sinks on Weak CPI Figures, Where Next?

The Australian Dollar weakened following a worse-than-expected Q1 inflation figure. According to the DailyFX Economic Calendar, Australia’s CPI rate for Q1 crossed the wires at 1.1% Wednesday morning on a year-over-year (YoY) basis versus 1.4% anticipated, up from 0.9%. The Reserve Bank of Australia’s trimmed-mean CPI YoY – which excludes volatile energy and food prices – printed at 1.1% against 1.2% estimated, down from 1.2% YoY. Overnight, AUD/USD moved modestly lower, surrendering a portion of gains from earlier in the week. The currency pair sank following the CPI print and appears to be aiming lower as … (full story)

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