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The Australian dollar pulled back on Thursday following in the footsteps of the New Zealand dollar following the release of weaker than expected inflation numbers. The 0.3% figure for the September quarter was in line with analysts’ expectations and took the annual rate to 1%. The reserve bank has consistently mentioned that they would like to see inflation between 1% and 3% so they can’t be all that pleased at the moment as inflation sits at the bottom of their target range.
The figures have put into question future rate hikes from the RBNZ.
“The overall story in currencies is one of the NZ dollar remaining friendless and the current G10 whipping boy in a generally stronger US dollar environment following yesterday’s very soft CPI report,” National Australia Bank global co-head of FX strategy Ray Attrill said.
The Australian dollar was also pressured overnight by the release data from the US, which came in above analysts’ expectations. Existing home sales in the US rose 2.4% against a consensus of 1% and much stronger than the previous month of -1.8%.
More info: FiboGroup
The figures have put into question future rate hikes from the RBNZ.
“The overall story in currencies is one of the NZ dollar remaining friendless and the current G10 whipping boy in a generally stronger US dollar environment following yesterday’s very soft CPI report,” National Australia Bank global co-head of FX strategy Ray Attrill said.
The Australian dollar was also pressured overnight by the release data from the US, which came in above analysts’ expectations. Existing home sales in the US rose 2.4% against a consensus of 1% and much stronger than the previous month of -1.8%.
More info: FiboGroup