The AUD/NOK currency pair pulled back from a 1-week high of 6.6483 on Wednesday, as the Australian Dollar weakened following the latest inflation update.
Data by the Australian Bureau of Statistics released on Wednesday showed that the Consumer Price Index had risen 4.2% year-on-year, undershooting the market consensus of 4.4% and slowing from the 4.6% increase recorded in the 12 months to March 2026.
The Reserve Bank of Australia’s preferred core measure, the Trimmed Mean CPI, rose 0.3% on the month and 3.4% on an annual basis in April, pointing to a moderation in underlying price pressures.
This moderation in inflation came alongside an unexpected increase in the Australian unemployment rate to 4.5% in April and a drop in the number of employed persons.
Even with the slowdown, inflation still remained above the Reserve Bank of Australia’s 2% to 3% objective, which kept the door open for another rate hike at the RBA’s August meeting.
Meanwhile, NOK traders will be paying close attention to Norway’s GDP growth figures for Q1 due out on Thursday.
The AUD/NOK currency pair was last down 0.09% on the day to trade at 6.6378.
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