Australian dollar continues to slide

The Australian dollar continues to slide Wednesday, trading at 70.99 US cents at 0800 AEST from 71.19 on Tuesday.

Traders of the local unit will be watching Wednesday’s release of first-quarter inflation figures by the Australian Bureau of Statistics.

The data could give clues about the Reserve Bank’s likely rate-setting path through the coming months, with the market anticipating a weak print.

Consensus is for the consumer price index to sag to 1.5 per cent for the March quarter, down from 1.8 per cent in the December quarter, and below the Reserve Bank of Australia’s two-to-three per cent target.

Yesterday, the local currency was trading at 71.63 US cents in the morning, down from last Thursday’s 71.85 US cents.

Last Thursday, the local currency had jumped slightly, buying 71.80 US cents in the morning from 71.63 US cents on Wednesday.

The Australian dollar was last quoted at 80.41 Japanese yen from 80.57 yen ; 63.60 euro cents, from 63.61 euro cents ; 55.08 British pence, from 55.10 pence and 106.89 NZ cents, from 106.77 cents.

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