AUD: Q1 CPI from Australia is a shocker - Rabobank

Michael Every, Head of Financial Markets at Rabobank, notes that the Q1 CPI from Australia ahead of next week’s RBA meeting was also a shocker.

Key Quotes

“CPI fell 0.2% q-o-q (0.2% consensus) and hit just 1.3% y-o-y (down from 1.7%), with the q-o-q weighted median and trimmed mean at just 0.1% and 0.2% (vs. 0.5% expectations for both). With AUD too high and CPI too low, is the door finally open to that next 25bp RBA rate cut?”