Australia’s monthly Consumer Price Index (CPI) arrived at 3.4% in the year to January 2024, compared to the annual increase of 3.4% seen in December, the Australian Bureau of Statistics reported on Wednesday.
Australia’s monthly ConsumerPrice Index arrived at 3.4% in the year to January 2024,compared tothe annual increase of 3.4% seen in December, the Australian Bureau of Statistics reported on Wednesday. The market had expected an increase of 3.5% in the reported period. Market reaction At the time of press,theAUD/USDpair was up 0.02% on the day at 0.6543.
Moderately higher inflation now tends to lead central banks to put up their interest rates, which in turn has the effect of attracting more capital inflows from global investors seeking a lucrative place to keep their money. This increases demand for the local currency, which in the case of Australia is the Aussie Dollar. How does economic data influence the value of the Australian Dollar? Macroeconomic data gauges the health of an economy and can have an impact on the value of its currency.
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