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Aug 08 - 11:55 PM

AUD/USD - Tests Resistance As China Data Provides Further Boost

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

  • For more click on FXBUZ

Source:
Refinitiv IFR Research/Market Commentary

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