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Australian CPI rose 0.7% in Q2

Wednesday, Jul 22 2015
Australian CPI rose 0.7% this quarter, compared with a rise of 0.2% last quarter. Analysts were anticipating 0.8% incline. It rose 1.5% over the last twelve months, compared with a rise of 1.3% through the year tothe previous quarter. Trimmed Mean CPI increased by 0.6%, in line with market forecasts. 
 
The most significant price rises this quarter are automotive fuel (+12.2%), medical and hospital services (+4.5%) and new dwelling purchase by owner–occupiers (+1.5%).The most significant offsetting price falls this quarter are domestic holiday travel and accommodation (–5.4%) and pharmaceutical products (–1.8%).
 
Today’s second-quarter inflation report coupled with the leading indicators of inflation will not be a trigger for easing but rather gives the RBA scope to move if or when activity disappoints. Reserve Bank of Australia Governor Glenn Stevens has cut the benchmark interest rate twice this year to a record-low 2%. 
 
“‘A period of somewhat disappointing, even if hardly disastrous, economic growth outcomes, and inflation that has been well contained, has seen interest rates decline to very low levels,’’ Stevens said in a speech Wednesday. ‘‘The question of whether they might be reduced further remains, as I have said before, on the table.’’
 
After the data Aussie initially went higher but then pulled back currently being traded around 0.7420 area. Pair is likely to find support around 0.7350 level and resistance above 0.7470 area. Later today, in the US session, Existing Home Sales figures are scheduled for a release.
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