AUD/USD is charging higher, powered by a hotter-than-expected Australian March quarter consumer price inflation report that has seriously dented the case for rate cuts from the Reserve Bank of Australia this year. AUD/USD powered by hot, sticky inflation Markets were looking for headline and trimmed mean inflation to lift 0.8% apiece for the quarter. Instead, both increased 1%, an uncomfortably large increase, especially the latter as the RBA was expecting its preferred underlying inflation measure to rise by a smaller 0.8%. From a year earlier, headline inflation grew 3.6%, a steep drop from the 4.1% pace seen in ... (full story)