Australia's Inflation Tops One-Year High in August, Rate Cut Bets Soften
Australian consumer prices rose at the fastest annual pace in a year in August after a hot July, suggesting some upside to inflation that prompted markets to pare back the chances of imminent policy easing.
The Australian dollar rose 0.3% to $0.6619, while three-year government bond futures fell 7 ticks to 96.45, the lowest in three weeks.
Investors doubled down on bets that the Reserve Bank of Australia will skip a move in interest rates next week given the recent flow of data has been on the strong side. Prospects for a move at its November meeting also faded to 50% from almost 70% before the data...
To Read Full Story Login Below.