A snippet from the WPAC response to the inflation data out earlier:
- Despite some AUD pass-through, inflation is below the target band and while the headline rate may drift into the band in 2020, it is likely to be transitory.
- there is little pressure on the RBA to have to move to a rate cut this year
- Westpac's forecast for the next rate cut is at the February meeting in 2020.
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Data is here from earlier:
And:
AUD now drifting back off again. Check out the range for the session - its really not much: