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Ekonomické zprávy
26.06.2024

European session review: AUD advances in response to hotter-than-expected Australia’s May CPI report


AUD strengthened against other major currencies in the European session on Wednesday as investors continued to digest Australia’s consumer price index (CPI) data for May, which showed a stronger-than-expected rebound in inflationary pressures.

The Australian Bureau of Statistics (ABS) reported that consumer prices surged 4.0% YoY last month, the highest level in six months, accelerating from +3.6% YoY in April. Economists had forecast a 3.8% YoY soar. Meanwhile, the Reserve Bank of Australia’s preferred inflation measure - the trimmed-mean CPI - climbed to 4.4% YoY in May from 4.1% YoY in the previous month.

The hotter-than-anticipated inflation data raised concerns the RBA is not to start cutting its interest rates soon but, instead, might hike them again (for the 14th time).

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