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09 Aug 2023

All eyes on US CPI

• Jittery markets. Higher oil & gas prices have raised some concerns inflation could re-accelerate over coming months. US equities slipped back.• US CPI. Focus is on tonight’s US inflation data. Base-effects have run their course. Inflation may start to surprise ‘optimistic’ markets.• AUD sluggish. AUD/USD hovering near the bottom end of its ~2-month range. The weakness (so far) in August is inline with the seasonal pattern. Markets remain somewhat jittery ahead of the release of the July US CPI report (10:30pm AEST), and with higher commodity prices fanning concerns of a re-acceleration in inflation down the track. Brent crude...

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