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Inflation picking up in Australia boosts the Aussie

AUDUSD News by Newsroom on 21:07 Octuber 25, 2016 EST

The headline inflation published on Tuesday well above expectations lifted the Australian dollar above 0.77 per US dollar, a 0.7% up.

The Consumer Price Index grew by 0.7 per cent over the quarter, quite a substantial gain comparing to 0.4 per cent over the June period. The annual rate is now at 1.3 per cent from the previous 1 per cent still well below the optimal 2% desired by most western central banks.

Core inflation has weakened a dash rising 0.4 per cent versus the prior 0.5 per cent. The annual rate remains unchanged at 1.7 per cent.

Beyond this hike inflation remains subdued. The RBA's lastest rate in August brought the overnight rate to a new record low of 1.5%. The RBA’s next meeting is scheduled for November the first.