Data here:
6.9% is significantly lower than what was expected and what was recorded in September.
The trimmed mean measure is 5.3% for October, also significantly lower than the expected 5.7% and unchanged from September's 5.3%.
AUD/USD wobbled but is now not a lot changed. 1 minute bars to give you a pic of the response:
The Reserve Bank of Australia target band for core inflation is 2 to 3%. We are way above that of course but the unchanged core reading at 5.3% will encourage the Bank to continue with its slower pace of rate hikes. A +25bp rate hike is the market expectation for December. The Dec meeting is on the 6th. See you Tuesday!
