Australia will release fresh inflation-related data on Wednesday, and financial markets anticipate price pressures eased further at the end of 2024, paving the way for a Reserve Bank of Australia (RBA) interest rate cut when it meets in February.
The Australian monthly Consumer Price Index is foreseen at 2.5% in December. Quarterly CPI inflation expected to ease further below 3%, with core figures nearing RBA ’s goal. The Reserve Bank of Australia will meet on February 18 to decide on monetary policy. The Australian Dollar falls ahead of the announcement amid prevalent risk aversion.
However, the opposite scenario is also valid: easing inflation could push policymakers to shift towards a more dovish stance. Heading into the CPI release, the AUD/USD pair trades around 0.6250, down for a second consecutive day. Valeria Bednarik, FXStreet Chief Analyst, says: “The AUD/USD pair is gaining bearish traction ahead of Australian CPI figures amid a risk-averse environment. The USD is firmer as tariffs-related concerns dominate financial boards.
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