FXstreet.com (Barcelona) - The standout event in Asia today is the Australian December quarter CPI, released at 00.30GMT. In view of NAB strategists, "we expect it will confirm that inflationary pressures remained moderate in the final months of 2012."

NAB adds: "Following the soft labour force data this week, a low CPI outcome would strengthen the case for a February RBA rate cut, but the underlying rate would need to come in at 0.6% for the RBA to consider further action next month. Market consensus is 0.7% for the trimmed mean core CPI measures, and 0.6% for the ‘weighted median’."

"0.6% or less for the ‘core average’ and Feb RBA pricing could move to nearer 50% and AUD/USD head back down to the 1.05 level as a result. Otherwise it looks like a move back to the upper end of the recent range (1.06) is likely" the bank said.