AUD/USD sticks to upbeat domestic data-inspired gains, above 0.6900 mark – by hareshmenghani AUDUSD CPI RBA Fed Currencies
ed above the 0.6900 mark and remains well within the striking distance of its highest level since late August touched earlier this week.
The Australian Dollar draws support from the upbeat domestic data, which, along with subdued US Dollar demand, is seen pushing the AUD/USD pair higher. The Australian Bureau of Statistics reported that the headline Consumer re-accelerated to the 7.3% YoY rate - a 32-year-high - in November from the 6.9% in the previous month. Furthermore, Australian Retail Sales surpassed the most optimistic estimates and jumped 1.4% in November to a record A$35.9 billion.
The US Dollar, on the other hand, struggles to capitalize on the previous day's bounce from a seven-month low amid firming expectations that the Federal Reserve will soften its hawkish stance. The bets were lifted by last week's data, which showed that the US wage growth in December and pointed to signs of easing inflationary pressures. Furthermore, business activity in the US services sector contracted and hit the worst level since 2009 in December.
It, however, remains to be seen if the AUD/USD bulls can retain their dominance or opt to lighten their bets as investors keenly await the release of the US consumer inflation data on Thursday. The crucial US CPI report should provide clarity on whether thewill have to increase its target rate beyond 5% to curb stubbornly high inflation. This, in turn, will play a key role in influencing the near-term USD price dynamics.
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
AUD/USD to enjoy further upside towards August high at 0.7136 – Credit SuisseAUD/USD is breaking into fresh highs. Economists at Credit Suisse look for further upside towards 0.7088/7136. Support shifts to 0.6888/86 “Whilst a s
Read more »
AUD/USD to race higher toward the 0.7090/0.7130 area – SocGenAUD spearheads G10 gains. Economists at Société Générale expect the AUD/USD pair to extend its advance towards the 0.7090/0.7130 region. Support 0.683
Read more »
AUD/USD clings to gains near multi-month top, comfortably above 0.6900 amid weaker USDAUD/USD clings to gains near multi-month top, comfortably above 0.6900 amid weaker USD – by hareshmenghani AUDUSD Fed Bonds RiskAppetite Currencies
Read more »
AUD/USD prints a new five-month high above 0.6900 as the USD remains offeredThe AUD/USD soars sharply above the 0.6900 figure on speculations that the US Federal Reserve (Fed) would pivot from tightening monetary conditions, s
Read more »
AUD/USD Price Analysis: Bears move in on key 0.6905 support structureAUD/USD is under pressure in Asia and is taking on a key structure as shown by the technical analysts below. First, taking a quick glance at the AUD/U
Read more »
AUD/USD Price Analysis: Stays defensive around 0.6900 inside bullish channelAUD/USD Price Analysis: Stays defensive around 0.6900 inside bullish channel AUDUSD Technical Analysis SwingTrading ChartPatterns SupportResistance
Read more »