FXStreet notes that Australia is set to release inflation data on Wednesday, April 29 at 01:00 GMT. Economists at ANZ Bank forecast the figures.

"Our forecast is for headline inflation to be 0.1% q/q in Q1, with the annual rate lifting a touch to 1.9%."

"Trimmed mean inflation, the underlying measure the RBA focuses on, is expected to come in at 0.4% q/q again this quarter. This would see the annual rate at 1.6%. We see the risks slightly tilted to the downside."

"Given the current environment, a relatively surprisingly weak inflation forecast is unlikely to spur the RBA into any additional policy action, given that unconventional monetary policy that has already been implemented."