China's PPI increased for the first time since 2013
China’s consumer prices remained buoyant last month on surging food prices and factory-gate deflation moderated.The consumer-price index was at 2.3% in March from a year earlier, matching February’s level, as food prices jumped 7.6%. Producer price declines narrowed to 4.3% from a drop of 4.9% in February, and posted the first month-on-month increase since 2013.
A pick up in inflation since last year, though mainly driven by food prices such as vegetables and pork, may extend the People’s Bank of China’s easing pause. And while some price gains may be seasonal and therefore temporary, a property recovery and rebound in commodity prices suggests the worst of the deflation threat may be in the past.
Aussie is currently being traded around 0.75i0 area. Pair is likely to find support around 0.75 handle and resistance above 0.7630 level. There will be no major data releases later today.
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