Australia’s Q3 CPI figures proved positive, says Saxo Capital Markets’ global macro strategy Kay Van-Petersen, but the banks didn’t appear to be buying it.

The country’s consumer price index strengthened to 1.3% y-o-y with consumer prices rising 0.7% in Q3, following a 0.4% increase in Q2.

Market expectations of an interest rate cut by the Reserve Bank of Australia are low, says Van-Petersen, who explained that the central bank’s moves, while no longer dovish were not exactly hawkish.