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Australian CPI cools to 3.8% as AUD/USD drops after the data
June CPI rose 3.8% year over year, while the month-on-month CPI reading fell 0.1%, pushing AUD/USD down 0.3% to about 0.6954.
Australia’s Consumer Price Index rose 3.8% year over year in June, down from 4.0% in May, according to data released by the Australian Bureau of Statistics. The monthly CPI declined 0.1% in June after a 0.7% decrease previously.
The report also showed the Reserve Bank of Australia’s Trimmed Mean CPI rose 0.8% for the month and 3.6% year over year. The Trimmed Mean CPI advanced 0.3% month on month in June.
After the release, the Australian dollar came under renewed selling pressure. AUD/USD was down 0.29% on the day, trading around 0.6954 at the time of the report.
FXStreet also noted that expectations before the release were for annual inflation to match May near 4.0% and for monthly CPI to rise 0.2%. In June, the RBA left its cash rate target unchanged at 4.35%, while citing ongoing impacts from disruptions to global oil supply on inflation.