Australia's CPI report the highlight today

For the Australian CPI report, lower fuel prices should help offset unfavourable Q1 seasonals, leaving the expectation for another quarter of slower price growth. 

RBC Capital Markets says they looks for a headline CPI rate of 0.2%q/q, 1.3%y/y (cons: 0.1%q/q, 1.3%y/y). 

In underlying terms, the weaker AUD should continue to provide a broad lift to tradable goods prices, but the tepid pace of wage and unit cost growth should help keep the broader basket inflating at a modest pace. 

"We forecast a slightly below consensus outcome for the trimmed mean measure to be 0.4%q/q, 2.0%y/y (cons: 0.6%q/q, 2.2%y/y)", added RBC Capital Markets.