China CPI due out shortly

China’s CPI release is due out in just under 10 minutes. It should not be a market mover although analysts say if there is a surprise it will be on the low side. Reuters forecast is 5.5% but a number around 5.0% is possible given the sharp move lower in food prices of late. You might see a knee jerk move higher in the Aussie if it comes in near 5.0% with some stops reported around 1.0420.