Just like we saw last week in New Zealand, Aussie CPI has missed the mark badly and the Aussie has been smashed. There isn’t much to like with these numbers with a miss across the board and only red in sight.

The headline number came in at 0.0% q/q, unchanged on the quarter and lower than what was the expected at 0.2% q/q. For the year we came in at, 1.3%, lower than the median consensus expected at 1.5% and with a prior of 1.8%.

Surely this is now going to tip the hand of the RBA and we will see rate cuts for all. Clearly, the AUD/USD getting smashed and rightfully so. Down to 0.7050 and it wasn’t long ago we were testing 0.7200.