RBA Trimmed Mean CPI q/q comes in at 1% against 0.9% consensus

The RBA Trimmed Mean CPI q/q for Australia was released at 1%, exceeding the consensus expectation of 0.9%. This print represents an 11.1% surprise versus consensus. The previous quarter’s figure was 1%.

Following the release, AUD pairs showed varied movements. AUDCAD moved +18 pips five minutes after the release and +19 pips fifteen minutes after. This move is below the median 1-hour move of 22 pips for AUDCAD. AUDCHF saw a +10 pip gain at five minutes and +11 pips at fifteen minutes, which is below its median 1-hour move of 16 pips. AUDJPY gained +12 pips at five minutes and +11 pips at fifteen minutes, below its median 1-hour move of 20 pips. AUDNZD moved +11 pips at five minutes and +12 pips at fifteen minutes, below its median 1-hour move of 22 pips. AUDUSD moved +9.6 pips at five minutes and +9.1 pips at fifteen minutes, below its median 1-hour move of 17 pips. In contrast, EURAUD moved -21 pips at five minutes and -23 pips at fifteen minutes, which is below its median 1-hour move of 40 pips. GBPAUD moved -19 pips at five minutes and -20 pips at fifteen minutes, also below its median 1-hour move of 46 pips. For all measured pairs, the movements observed so far are below their respective median 1-hour moves after past releases.