Prices Statistics News Today : Breaking News, Live Updates & Top Stories | Vimarsana

In the latest release by the Australian Bureau of Statistics (ABS), the Consumer Price Index (CPI) indicator for July 2023 exhibited a 4.9% increase over the past 12 months.

Australia's monthly CPI in February eased from 7.4% yoy to 6.8% yoy, below expectation of 7.2% yoy. CPI excluding volatile items such as fruit, vegetables, and automotive fuel also slowed from 7.5% yoy to 6.9% yoy.

Dollar, Japanese Yen, and Swiss Franc are under selling pressure this week amid improving risk sentiment. Yen is particularly weighed down by the extended rebound in treasury yields, while Swiss Franc is pressured by sell-offs against Euro and Sterling. Currently, the Canadian Dollar leads the pack for the week, aided by recovering oil prices. Australian Dollar, however, lags behind as CPI data supports the possibility of an RBA pause next week.

Euro is trading mildly higher today following indications from a key ECB official that more interest rate hikes are in the pipeline for the central bank. Concurrently, the improving market sentiment across Europe is lending support to both Sterling and the Swiss Franc. However, Canadian Dollar emerges as the strongest for the day, fueled by robust oil prices.

Australia has recorded slower than expected economic growth, with Treasurer Jim Chalmers conceding higher inflation and interest rates are "biting".