The US consumer price inflation numbers for July is expected tomorrow. It is likely to show inflation increased 0.2 percent, after rising 0.1 percent in June.

Yesterday the Unites States and Japan began what the two sides call, “free, fair and reciprocal” negotiations on trade, with the discussions to continue on today.

Australia’s central bank sees strong economic growth this year and next, but still doubts inflation will reach the mid-point of its target band even in 2020, a recipe for steady rates for some time yet.

The Reserve Bank of Australia now sees underlying inflation slowing to 1.75 percent by the end of this year, down from a previous forecast of 2 percent. The downgrade is due to one-off cuts in government administered prices, including electricity and education.

Elsewhere, the New Zealand dollar remained on the back foot, stretching its overnight slide to its lowest since March 2016.

FX Rates 10.08.18

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