The Reserve Bank of Australia (RBA) may be able to breathe a sigh of relief after being shown the latest reading in Australian inflation data.
Today's Asian session was highlighted by the release of inflation data that showed price pressures in the kangaroo country were easing from a 33-year high in the first quarter.
Australia's consumer price index (CPI) rose 1.4% in the first quarter, slightly higher than the 1.3% expected but down from the 1.9% recorded in the previous quarter.
Meanwhile on an annual basis, the CPI unexpectedly showed a decline to 6.3% year-on-year in March compared to the previous record in February at 6.8%.
Earlier, the RBA had left interest rates unchanged at its policy meeting earlier this month, saying inflation had peaked.
With this latest reading of the data, investors are placing expectations that the central bank will continue to stick to its current policy stance at the meeting that will take place next week.
Currency reactions saw the Aussie dollar slip to a 6-week low, also weighed down by a stronger US dollar trading amid risk-on market sentiment.
