Aussie the laggard after softer inflation data earlier today ...Middle East

In case you missed the data: Australian Q4 headline CPI 4.1% y/y vs 4.3% expectedThis has seen the Australian dollar fall on the day, with AUD/USD down 0.5% to 0.6565 currently. Looking at the report itself, a decline in food price inflation and goods and services were welcome developments. That being said, inflation levels are still very much elevated as a whole.So, can we expect the RBA to follow other major central banks and look to rate cuts sooner rather than later this year? Perhaps.If the trend stays, there is a good chance for the RBA to take action. As things stand, markets are still pricing in the first rate cut to be for August. However, the odds of a June rate cut are now at ~82%

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