Markets
Oct 28, 2026 6 min read
Australia CPI Jumps to 4.3%: AUD/USD Forecast, the RBA November Hike and the RBNZ Surprise
Australia's inflation data on 28 October 2026 came in hot: headline CPI rose to 4.3% year on year against 4.2% expected, and the third-quarter trimmed mean rose 1.0% against the RBA's own 0.8% forecast. Markets moved the odds of a Reserve Bank hike on 3 November to about 90%, AUD/USD made a one-month high at 0.7050, and an hour later the RBNZ held at 2.75% in a 4–3 vote that nobody expected, sending the kiwi down 1.3% and AUD/NZD through its range. This guide covers the print, what the RBA does next, the AUD/USD levels into tonight's Fed, and the cross that the day set up.
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