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Forex News: Australian Falls As Soft Inflation Data Dampens Rate

Australian Falls As Soft Inflation Data Dampens Rate Hike Speculation

10/25/2017 - 03:11:00 (RTTNews)

(RTTNews) - The Australian dollar slipped against its major opponents in the Asian session on Wednesday, as the nation's consumer price inflation slowed more than forecast in the third quarter, triggering speculation that the Reserve Bank of Australia won't hike rate any time soon.

Data from the Australian Bureau of Statistics showed that Australia's consumer prices rose 0.6 percent on quarter in the third quarter of 2017.

That was shy of expectations for a gain of 0.8 percent but was up from 0.2 percent in the three months prior.

On a yearly basis, consumer prices advanced 1.8 percent - unchanged from the second quarter but missing forecasts for 2.0 percent.

Chinese President Xi Jinping introduced new members of the Politburo Standing Committee following a weeklong party congress in Beijing. In addition to Xi and Premier, Li Keqiang, it included five new members.

The currency showed mixed performance on Tuesday. While it fell against the euro and the greenback, it held steady against the yen. Against the kiwi, it rose.

The aussie dropped to 1.1185 against the kiwi, after having climbed to 1.1269 at 6:00 pm ET. If the aussie falls further, 1.10 is possibly seen as its next support level.

The aussie weakened to 0.7716 against the greenback, its lowest level since July 13. Continuation of the aussie's downtrend may see it challenging support around the 0.76 region.

The aussie reversed from an early high of 88.66 against the yen, weakening to an 8-day low of 87.79. The next possible support for the aussie-yen pair is seen around the 86.5 area.

The aussie hit a 6-day low of 0.9786 against the loonie, from a high of 0.9862 hit at 8:15 pm ET. On the downside, the aussie may target 0.96 as the next support level.

The aussie weakened to more than a 16-month low of 1.5242 against the euro, off its previous high of 1.5106. Further decline may take the aussie to a support around the 1.54 mark.

Looking ahead, German Ifo business climate index and Swiss economic sentiment for October, as well as U.K. advanced GDP data for the third quarter are set for release in the European session.

In the New York session, U.S. durable orders and new home sales for September and Federal housing finance agency's house price index for August are due.

At 10:00 am ET, the Bank of Canada announces its decision on interest rates. Economists expect the benchmark rate to remain at 1.00 percent.

The BoC Governor Stephen Poloz and Deputy Governor Carolyn Wilkins will host a press conference in Ottawa at 11:15 am ET.

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