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investingLive Asia-Pacific FX news wrap: Oil fell further, Aust CPI, RBI FX intervention
Table of Contents
Key Takeaways (30s Read)
Oil prices continued to decline, and Australia's CPI fell short of expectations.
Oil Price Movement
Markets are experiencing continued declines in oil prices. Specifically, WTI crude fell over USD 1/bbl after US President Donald Trump stated that interim authorities in Venezuela will supply between 30–50 million barrels of oil to the United States. This oil will be sold at market prices, with proceeds controlled by the US administration, strengthening expectations for increased supply.Australian CPI Impact
Australia's November CPI undershot expectations, with a year-over-year increase of 3.4%. Core inflation remains sticky, easing only slightly at 3.2%, still above the Reserve Bank of Australia's target band. This keeps rate-hike risks on the table ahead of the RBA's next meeting.Market Movements
The Australian dollar initially dipped after the CPI release but quickly rebounded to around 0.6760. In Asia FX, the Chinese yuan pulled back from a 32-month high.Equity Market Movements
The equity market showed pockets of strength, with Hyundai shares surging 15% after its CEO met with Nvidia, fueling speculation about an autonomous-driving partnership. Overall, markets in Asia are being shaped by soft energy prices and economic data, prompting traders to adopt a cautious approach.AI Analyst
AI Opinion
"The Asia-Pacific markets are being significantly influenced by the decline in oil prices and key economic indicators from Australia. In particular, the expectation of increased oil supply from Venezuela creates concern over excess supply. The inflation data from Australia shows that inflation remains sticky, which could significantly influence monetary policy and attract attention ahead of the next RBA meeting. Additionally, the volatility observed across Asia's Forex markets underscores the need for caution among traders. Future geopolitical risks and central bank policy decisions must be considered when looking at the broader market context."
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