Australian Treasurer Chalmers: There is a long way to go to beat inflation

Australian Treasurer Jim Chalmers said on Wednesday, “there is a long way to go to beat inflation.”

“Inflation is moving in the right direction,” he added.

Market reaction

Chalmers' comments helped recover some losses in the AUD/USD pair, as it currently trades at 0.6762, still down 0.38% on the day. He spoke after Australia reported softer-than-expected inflation data.