Australias CPI rose 0.2 in Dec qtr
THE Australian dollar is lower, but has largely held its ground in response to weaker-than-expected domestic inflation figures.
At 1700 AEDT on Wednesday, the Australian dollar was trading at 105.39 US cents, up from 105.55 cents on Tuesday afternoon.
Commonwealth bank currency strategist Peter Dragicevich said the currency lost ground following the release of consumer price index (CPI) data at 1130 AEDT.
The Australian Bureau of Statistics figures showed the country recorded CPI inflation of 2.2 per cent in the 12 months to December, below economists' expectations of a 2.5 per cent rise.
Mr Dragicevich said while the figures meant the Reserve Bank of Australia had more room to move on interest rates, they did not significantly increase expectations of a rate cut in February.
"The Aussie dollar had the initial dip after the CPI numbers but I think people were just looking through the detail and it showed that," he said.
"If the RBA's outlook has changed then they may look to ease policy, but at this stage market pricing hasn't really moved for a February rate cut."
The RBA, which has a target range for inflation of two to three per cent, will hold its first board meeting of 2013 on February 5.
Mr Dragicevich said the main driver for the Australian dollar on Thursday would be the release of HSBC's flash PMI manufacturing data for China.
"We're expecting that to lift once again in the month, which will just reiterate that the Chinese economic cycle is gathering further momentum," he said.
"So that should be supportive for the Aussie (dollar)."
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