By Krishna K — Aug 08 - 11:15 PM
AUD/USD +0.1% in Asia, buoyed by risk rally, better-than-expected China data
Tests 100-DMA at 0.6602, daily close above opens 0.6626, 0.6646 July 23 high
China's July consumer prices jump faster than expected but PPI weak
Raises hopes of recovery in China domestic demand; Shanghai Composite +0.4%
Enhances positive risk mood after U.S. data Thu eased fears of a recession
Higher-for-longer RBA rate stance provides underlying support for AUD
AUD/JPY holds 1.5% gains made Thu, nears 97.58, 38.2% of 109.67-90.11 drop
Resistance 0.6600-05,0.6626, support 0.6570,0.6550; Asia range 0.6582-0.6603
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Source:
Refinitiv IFR Research/Market Commentary