AUD/USD leaps towards channel resistance on soft US CPI – by fx_ross AUDUSD CPI Fed DollarIndex Currencies
coming in softer than expected, fuelling the prospects of a pivot at the Federal Reserve. AUD/USD has subsequently got a boost from a weaker US Dollar that is tumbling on Wall Street as US equities soar.
As a consequence of the Consumer Price Index, the terminal Fed rate is now down to 4.86% vs 4.98% prior to the report which is weighing heavily on the US Dollar and US Treasury yields. DXY, an index that measures the US dollar vs. a basket of currencies fell to a low of 103.697 having been as high as 105.095 on the day. The Australian Dollar is highly correlated to US
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