CPI q/q (AUD) comes in at 1.3% against 1.1% consensus

Australia’s Consumer Price Index quarter over quarter, AUD CPI q/q, was released at 1.3%. This figure exceeded the consensus expectation of 1.1% and marked an increase from the previous quarter’s 0.6%. The actual print represented an 18.2% surprise above the consensus forecast.

Following the release, the Australian dollar strengthened against several major currencies. AUDCAD rose 19 pips 15 minutes after the release. AUDCHF gained 11 pips, AUDJPY moved up 11 pips, and AUDNZD advanced 12 pips. AUDUSD saw a 9.1 pip increase. Conversely, EURAUD declined by 23 pips and GBPAUD fell by 20 pips. For AUDUSD, the direction reliability after past releases has been 63%. The 15-minute moves observed so far are generally below the median 1-hour moves historically seen after similar releases. For example, AUDUSD’s 9.1 pip gain is smaller than its median 1-hour move of 17 pips. Similarly, EURAUD’s 23 pip decline is smaller than its median 1-hour move of 41 pips.