AUD/USD marked up a little after the stronger than expected core Australian inflation data

Inflation and business survey data were out at the same time:

• Australia Q4 2021 inflation data - Core inflation 2.6% y/y (expected 2.4%)

• Australia business confidence for December: -12 (prior 12)

Analysts in Australia have been moving towards forecasts of earlier rate hikes from the RBA but are still eyeing hikes in H2, not imminently. As I said in the CPI post I don't see any trigger for a hike soon.

• WPAC: RBA highly likely to halt its bond purchase program at its coming meeting
• ANZ: RBA certain to end its QE program in February
• CBA looking for a late 2022 RBA rate hike

Back to the AUD, a touch higher on the data: