India, Jan. 29 -- The Australian dollar weakened against other major currencies in the Asian session on Wednesday, as softer Australian inflation data signaled a potential interest rate cut by the RBA in February.
The Reserve Bank of Australia or the RBA has maintained the Official Cash Rate (OCR) at 4.35 percent since November 2023, stating that any rate reduction cannot be contemplated until inflation has "sustainably" returned to its goal range of 2% to 3%.
Data from the Australian Bureau of Statistics showed that Australia's consumer price inflation eased in December to the lowest since early 2021 on falling electricity and auto fuel prices.
Consumer prices logged an annual increase of 2.4 percent in the December quarter, following a...