The Aussie’s rise occurred despite subdued Australian CPI inflation data.
October's Australian CPI remained unchanged at 2.1%, below expectations, while the trimmed Mean CPI rose to 3.5% in October from 3.2% in September.
Energy prices significantly contributed to the low headline inflation, falling by 35.6%. Petrol prices declined by 11.5%, impacting headline inflation.
The RBA is unlikely to alter interest rates since these factors are deemed transitory.
On the US front, the Gross Domestic Product from Q3 was reported at 2.8% as expected.
Other data showed that Initial Jobless Claims declined to 213K, surpassing expectations, while Durable Goods Orders rose by a modest 0.2% in October, below forecasts.
The highlight was the the Personal Consumption Expenditures (PCE) Price Index, which rose 0.2% MoM and 2.3% YoY, in line with expectations.
Core PCE Price Index increased by 2.8% YoY, meeting market estimates.
Following the data, the odds of a cut by the Fed in December remain high at around 60% but declined significantly in November, which favoured the Greenback’s rise.
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