When is Australia inflation data and how could it affect AUD/USD? – by anilpanchal7 AUDUSD Australia Inflation RBA Events
for the second quarter of 2023, scheduled for publishing on early Wednesday around 01:30 GMT, appears the crucial data for the AUD/USD pair traders to watch. Also increasing the importance of the time could be the quarterly release of the Reserve Bank of Australia’s Trimmed Mean CPI and the Monthly CPI for June.
The reason could be linked to the RBA’s pause in the interest rate hikes after consecutive two hawkish surprises.Trimmed Mean CPI is likely to edge lower to 1.1% versus 1.2% previous readings. That said, the Monthly CPI is expected to drop to 5.4% YoY for June compared to 5.6% marked in May.Ahead of the release, Analysts at ANZ state:
We expect both headline and trimmed mean inflation to have moderated. The RBA will likely take comfort that inflation appears to be falling in line with, or a touch faster than its May forecast – which is the opposite vibe in New Zealand when Q2 non-tradables inflation came in stronger than expected last week. An inflation outcome around our forecast would support our expectation that an extended pause from the RBA is now most likely .
That said, the market players’ downbeat expectations contrast with the previously positive signals for Aussie inflation and keep the AUD/USD traders on a dicey floor. Hence, surprisingly upbeat Aussie inflation data won’t hesitate to bolster the hawkish RBA bets and propel the AUD/USD price.
Technically, the AUD/USD pair’s repeated failures to provide a daily closing beyond a one-week-old descending resistance line, around 0.6800, as well as the double tops near the 0.6900 round figures, keep the bears hopeful amid sluggish MACD and RSI signals.
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