The Australian Dollar (AUD) extends its losses for the third consecutive day against the US Dollar (USD), driven by lower-than-expected Consumer Price Index (CPI) data from Australia released on Wednesday.
Australia's CPI rose by 0.2% quarter-on-quarter in the fourth quarter of 2024, matching the growth seen in the previous quarter but falling short of the market expectation of 0.3%. On an annual basis, CPI inflation eased to 2.4% in Q4 from 2.8% in Q3, also below the consensus forecast of 2.5%.
Australia's Monthly CPI for December 2024 increased by 2.5% year-over-year, in line with forecasts and up from November's 2.3%.
This marked the highest reading since August but remained within the Reserve Bank of Australia's (RBA) target range of 2% to 3% for the fourth consecutive month.
The RBA's Trimmed Mean CPI rose by 3.2% YoY, the slowest pace in three years, slightly under the expected 3.3% but still above the central bank's target range.
Source: FXStreet
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