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Apr 24 - 08:55 AM

AUD/USD - Inflation Drives Gains, US Yields Help Drive A Pull Back

By Christopher Romano  —  Apr 24 - 07:15 AM
  • AUD/USD traded 0.64845-0.6530 in Asia on the back of Australia CPI

  • Upside beat for Q1 CPI rallied yields AU3YT=RR, dashed hopes for RBA cuts

  • Iron-ore DCIOc2, equity ESv1 gains also helped buoy AUD/USD

  • Much of the gains eroded as US yield US2YT=RR gains rallied the US$

  • USD/CNH rallied to 7.2675 (D3), USD/JPY hit a fresh multi-decade high

  • Gold XAU=, copper HGv1 fell which weighed on commodity currencies

  • AUD/USD traded 0.6498, NY opened just above 0.6500, was up +0.18% early NY

  • Rally stalled near converging 55- & 200-DMAs, daily inverted hammer formed

  • Rising daily RSI & April's monthly doji candle may give longs some comfort

  • US March durable goods is the main data risks during NY's morning

  • For more click on FXBUZ

Refinitiv IFR Research/Market Commentary


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