Australian dollar down few tics after (monthly) headline inflation drops into target band ...Middle East

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The data release is here:Australian August CPI 2.7% y/y (expected 2.8%)down from 3.5% in JulyAs I said in that post, the drop in headline inflation is mainly due to combined Commonwealth and State government rebates. Indeed, current RBA forecasts are for a headline CPI rate bounce back above 3% once these subsidies roll off.The rate of core inflation, as shown in the 'trimmed mean' came in above target still at 3.4% (but well down from July)expected 3.4%, prior 3.8%this above 3% rate for underlying inflation is still a throny issue for the Reserve Bank of Australia, the Bank cites sticky high underlying inflation as a reason to hold the cash rate highSo, 'fraid the good news is ... transitor

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