RBA Weighted Median CPI y/y comes in at 3.4% against 3.6% consensus

Australia’s RBA Weighted Median CPI year over year was reported at 3.4%, falling below the consensus expectation of 3.6%. This figure also marked a decline from the previous reading of 3.7%. The actual print represented a -5.6% surprise compared to the market consensus.

In the immediate aftermath, AUD pairs generally saw limited movement. AUDCAD rose +19 pips 15 minutes after the release, while AUDCHF gained +11 pips, AUDJPY +11 pips, AUDNZD +12 pips, and AUDUSD +9.1 pips over the same period. Conversely, EURAUD declined -23 pips and GBPAUD fell -20 pips 15 minutes post-release. These measured 15-minute movements are currently smaller than the typical median 1-hour moves observed after past releases for these pairs. For instance, AUDUSD’s 15-minute move of +9.1 pips compares to a median 1-hour move of 17 pips, and EURAUD’s -23 pips compares to a median 1-hour move of 40 pips.