The latest official CPI data from Australia was very welcome indeed, showing sharp falls for both headline and core inflation rates:
The Reserve Bank of Australia target is 2 to 3%, so we are not there yet, but given the peak CPI rate was close to 8% this result is much improved.
The RBA meet on February 5 and 6, its almost certain it'll be an on hold decision.
AUD/USD dropped a little:
![aud rba cpi q4 2023 2](https://images.forexlive.com/images/aud%20rba%20cpi%20q4%202023_id_deea2086-f6b6-4c0a-9918-3fb1e1a582d6_size900.jpg)