Australia’s CPI grows more than expected in the third quarter; AUD / USD rises to two-day highs

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The Australian Consumer Price Index for the third quarter rose 1.6%, surpassing the 1.5% expected and notably improving the -1.9% decline in the second quarter of the year. This is the largest rise seen by the indicator since the first quarter of 2011.

The Year-on-year CPI grew 0.7%, as expected, after falling 0.3% in the second quarter.

The filtered average of RBA inflation stood at 0.4% quarter-on-quarter, improving the expected 0.3% and the previous -0.1%. The inter-annual indicator remained at 1.2%, as in the previous quarter, one tenth above the estimated 1.1%.

AUD / USD reaction

The AUD/USD reacted to the data with a slight initial retracement to 0.7115, then immediately picked up momentum and rose throughout the Asian session to new Two-day highs at 0.7158.

At the European open, at the time of writing, the pair is trading above 0.7150, gaining 0.31% so far this day.

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Credits: Forex Street

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