Australian Dollar Slides On Softer Than Expected Inflation Data

Published on Feb 28, 2024 11:31

The Australian Dollar shed nearly half a percent on Wednesday following softer than expected inflation report. Data showed that Australia�s monthly inflation CPI held at a two-year low of 3.4% in January, unchanged from December and coming in below forecasts of 3.6%. Meanwhile, mild recovery in dollar overseas ahead of crucial set of data this week is also dragging the pair lower. AUDUSD pair fell to a near two week low and was quoting at 0.6518, down 0.44% on the day at the time of writing. Another economic report from the domestic docket showed Australian Construction Work Done increased by 0.7% in the fourth quarter of 2023, against the expected 0.6% and 1.4% prior.