There’s nothing like a stronger-than-expected CPI figure to give the Aussie dollar a big leg up.
At the New York close this morning, the Aussie was just clinging to the 97 cent mark but with the headline CPI print 50% above market expectations, the chances of an RBA cut anytime soon recede into the ether.
Australia’s Q3 CPI came in at 1.2%, up 2.2% year-on-year.
The impact is clear in the 1 minute chart above and the Aussie is now closing in on important resistance in the 97.50/70 zone. If it gets through there then – maybe parity is really on the cards.
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