The Aussie dollar dove on CPI data out of Australia showing inflation tumbling to 1.3% y/y in March from 1.7% in the previous month, with the q/q figure unexpectedly turning negative for the first time since 2008, falling to -0.2%. The Aussie is nursing a 1.5% loss to the U.S. buck ahead of the London open, and is down by 1.7% versus the yen, which registers the biggest movement out of the currencies we track. The data has catalysed speculation that the RBA will be forced to consider at rate cut at its May-3 policy meeting. AUD-USD clocked a nine-day low at 0.7623.
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