Aussie CPI misses expectationsa and AUD drops below 0.6700

Australia´s monthly Consumer Price Index (YoY), released by the RBA and republished by the Australian Bureau of Statistics has been released as follows:

• Australian monthly CPI for February in at 6.8% (vs. expected 7.1%).

AUD/USD update

AUD/USD has spilled over to the downside and is piercing a near-term support structure below 0.6700:

About the monthly Consumer Price Index (YoY)

The monthly Consumer Price Index (YoY), released by the RBA and republished by the Australian Bureau of Statistics, is a measure of price movements by the comparison between the retail prices of a representative shopping basket of goods and services. The purchasing power of AUD is dragged down by inflation. The CPI is a key indicator to measure inflation and changes in purchasing trends. A high reading is seen as positive (or bullish) for the AUD, while a low reading is seen as negative (or bearish). Note: This indicator started to be published in 2022 and it updates the price change for the last 12 months in Australia in a monthly basis, instead of the quarterly period of the main Australian CPI.