CPI data missed expectation push AUDUSD trading lower below 0.93

CPI data missed expectation push AUDUSD trading lower below 0.93

The Australia CPI, the key measure of inflation, increased by 0.6% in the three months to March 31, bringing the annual rate to 2.9%.

The price of Australian consumer goods and services missed forecasts in the March quarter of 3.2% but still staying within the RBA’s target band of 2% to 3% annual inflation.

Inflation is higher than expected in the December quarter, at 0.8%, with an annual rate of 2.7%.

AUDUSD accordingly drop down from 0.9370 and is trading lower 0.93 now. Downtrend is expected to continue.