China Consumer Price Index a touch lower than estimates, AUD eyed for reaction China AUDUSD
China January CPI +0.8% from previous month .Despite the Aussie calendar events today, including the Reserve Bank of Australia's hawkish Monetary Policy Statement,AUD/USD, and currency markets in general, are moving sideways at the start of the new day as the US Dollar stays on the bid near hourly resistance as per the DXY index. This is making for a consolidative environment in forex in general and AUD is stuck in familiar tight short-term ranges.
Additionally, the Producer Price Index was down 0.8% on a year earlier, extending the 0.7% drop the prior month and faster than the 0.5% fall tipped in a Reuters poll. The CPI is a key indicator to measure inflation and changes in purchasing trends. A substantial consumer price index increase would indicate that inflation has become a destabilizing factor in the economy, potentially prompting The People’s Bank of China to tighten monetary policy and fiscal policy risk. Generally speaking, a high reading is seen as positive for the CNY, while a low reading is seen as negative for the CNY.
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