Australian dollar flounders after higher than target inflation data

Data is here:

• Australia headline and core inflation above RBA target.
• Trimmed Mean (core) was 0.8% q/q vs. 0.9% expected and prior 0.9%.
• March month headline 4.6% vs. 4.7% expected.

This seems to be the narrative for the drip in the AUD.

Australia’s Treasurer Chalmers says the Treasury expects inflation to peak at higher levels.

RBA 25bp hike on May 5 is still live:

This article was written by Eamonn Sheridan at investinglive.com.