Australian Inflation Muted in 2Q

Australian Inflation Muted in 2Q”

Data from the Australian Bureau of Statistics showed that the consumer prices in Australia gained 0.2 percent on quarter in the second quarter of 2017.

The survey of British firms revealed that sales volumes continued to expand at a healthy pace over the last month with grocery and clothing sales proving to be particularly strong as the warmer weather helped seasonal sales exceed expectations. According to the numbers, headline CPI grew by 0.2% on a quarterly basis, instead of 0.4% as expected, falling below the previous month's mark of 0.5% and reaching the lowest growth since the beginning of 2016. The 0.5 percent in Underlying inflation in the second quarter was as per market forecasts. It was also up 1.8 percent on year, above expectations for 1.7 percent, which would have been unchanged.

While the Federal Reserve has started hiking interest rates and the European Central Bank is considering pulling the plug on QE, those decisions have "no automatic implications for monetary policy in Australia", he said. "The RBA is not going to be thinking about rate hikes anytime soon". Rallies as CBI Reports Jump in Retail SalesThe Pound managed to recoup some of its overnight losses against the Australian Dollar this morning following the release of some impressive United Kingdom retail data from the Confederation of British Industry (CBI). While the aussie rose against the USA dollar, the yen and the kiwi, it fell against the loonie.

Since China is Australia's largest trading partner, economic news-flow from the former country often implies knock-on effects on the latter, triggering a response from the currency.

"Just as the policy rate in Australia did not need to decline to the very low levels seen in other parts of the world, the fact that other central banks increase their policy rates does not automatically mean that the policy rate here needs to increase".

By contrast, the dollar was 0.2% lower against the basket of currencies used to measure its broader strength, and it fell 0.5% against the Australian dollar - one of a series of commodities-linked currencies to profit from this week's bounce in oil and metals prices.

The kiwi traded at 63.74 euro cents from 63.77 cents late yesterday and at 83.03 yen from 82.55 yen. The kiwi may test support near the 81.00 region.

The Pound Sterling to Australian Dollar exchange rate is trending 0.3% higher at 1.6477 (26-07-17 10:30).

At 2:00 pm ET, the U.S. Federal Reserve's monetary policy decision is due to be announced.

Considering the current interest rate is 1.5%, the RBA plan to increase the current level by 2%.

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