Chinese CPI increased less than expected
Chinese consumer prices eased in September while producer prices remained firmly in deflation, fanning speculation of additional monetary easing to shore up demand in the world's second largest economy.The consumer price index (CPI) rose 1.6% in September from a year earlier, against missing forecasts of a 1.8% rise and following August's 2% gain, official data showed on Wednesday.
The producer price index (PPI) fell 5.9 percent, in line with expectations and after a 5.9% fall in the previous month. The PPI, which measures wholesale prices, clocked its 43rd straight month of declines as producers dealing with spare capacity and feeble demand for their products cut their prices.
Aussie slightly fell after the data, but managed to rebound and is currently being traded 0.7230 level. Pair is likely to find support around 0.7160 area and resistance near 0.73 handle. Later today, in the US session, US Retail Sales and PPI figures are scheduled for a release.
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