The Australian dollar (AUD) remained weak for the second straight session against the US dollar (USD), with the AUD/USD pair losing ground despite stronger-than-expected monthly inflation data released on Wednesday (8/1).
However, the trimmed mean, a closely watched measure of core inflation, fell to 3.2% year-on-year from 3.5%, closer to the Reserve Bank of Australia's (RBA) target range of 2% to 3%. Traders are currently pricing in a 55% probability that the RBA will cut the cash rate by 25 basis points to 4.35% in February, with a full quarter-point cut expected in April.
Australia's monthly Consumer Price Index (CPI) rose 2.3% year-on-year in November, beating market expectations of 2.2% and marking an improvement from the 2.1% increase seen in the previous two months. This was the highest reading since August. However, the reading remained within the RBA's 2–3% target range for the fourth straight month, helped by the ongoing impact of the Energy Bill's relief fund cuts.
The Australian Bureau of Statistics reported on Tuesday that permits for new construction projects in Australia fell 3.6% month-on-month to 14,998 units in November 2024, well below market expectations for a 1.0% decline. The decline followed an upwardly revised 5.2% increase in October, which marked the first decline in three months.(AL)
Source: Fxstreet
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