Australian Import Price Index fell 3.0%

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Thursday, Apr 28 2016

Australian Import Price Index fell 3.0% in the March quarter 2016, missing forecasts on 0.9% decrease. Through the year to the March quarter 2016, the Import Price Index fell 0.5%. The Export Price Index fell 4.7% in the March quarter 2016. Through the year to the March quarter 2016, the Export Price Index fell 13.8%.

CNBC reported that the Australian dollar was up 0.07% after dropping close to 1.8% at one point in the Wednesday session following fresh probability of monetary easing from the Reserve Bank of Australia after inflation unexpectedly fell. Ray Attrill, global co-head of foreign exchange strategy at the National Australia Bank, said following the drop in consumer price index on Wednesday, the bank now expects “a 25 basis points reduction in the Cash Rate to 1.75%” when the RBA meets next week.

Aussie is currently being traded around 0.7650 area. Pair is likely to find support around 0.76 handle and resistance above 0.7680 level. Later today, in the US session, GDP and Unemployment Claims figures will be published.

More in this category: « Fed Leaves Rates Unchanged, Signals Openness to June Increase Spanish Unemployment Rate rose to 21.0% »

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