Australian CPI for April 6.8% vs. expected 6.4%, AUD pressured

Aussie monthly Consumer Price Index (YoY) has been released as follows:

• Australian CPI for April 6.8% vs. expected 6.4%.

AUD/USD update

AUD/USD is under pressure and testing below 0.6500.

More to come...

About the Consumer Price Index

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.