0603 GMT - AUD/USD falls by around 0.4% in Asia following the release of local inflation data for April. Headline inflation held steady at 2.4% on year in April, but there was a big surprise in new dwelling costs, which unexpectedly rose in the month, says Samara Hammoud, economist at CBA. Markets are now pricing around a 60% chance of a 25-basis-point Reserve Bank of Australia rate cut in July, compared with 70% prior to the release, she adds. CBA maintains that the RBA will want to deliver further cuts in a cautious way. (james.glynn@wsj.com; @JamesGlynnWSJ)

(END) Dow Jones Newswires

May 28, 2025 02:03 ET (06:03 GMT)

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