Australian inflation rose more than expected in the September quarter due to a sharp spike in fuel prices, sending the local dollar to a 4-1/2 month high as markets pruned back the chances of further interest rates cut this year.
However, despite the quarterly rise, the annual rate of inflation remained in the bottom half of the Reserve Bank of Australia’s (RBA) 2-3 percent target band, suggesting there is still room to cut interest rates if push comes to shove.
via CNBC
Content is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Business Information & Services, Inc. or any of its affiliates, subsidiaries, officers or directors. If you would like to reproduce or redistribute any of the content found on MarketPulse, an award winning forex, commodities and global indices analysis and news site service produced by OANDA Business Information & Services, Inc., please access the RSS feed or contact us at info@marketpulse.com. Visit https://www.marketpulse.com/ to find out more about the beat of the global markets. © 2023 OANDA Business Information & Services Inc.