Daily digest market movers: Australian Dollar declines on CPI data
- Australia's July Consumer Price Index (CPI) came in at 3.5% YoY, slightly higher than expected but still within the RBA's target range.
- Trimmed mean inflation fell to 3.8% y/y, its lowest level since January.
- The RBA has indicated that it is unlikely to cut interest rates in the near term, but the market continues to expect a 25 bp cut by year-end.
- If the RBA signals a hawkish approach, the downside for the Aussie is limited.
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