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Jul 26 - 08:55 PM

AUD/USD - Opens Slightly Lower Ahead Of Key Aus CPI

By John Noonan  —  Jul 26 - 06:55 PM
  • AUD/USD bid in early Asia and is around 0.6945 from NY close at 0.6937

  • It eased 0.27% Tuesday afte steep EUR/USD decline underpinned USD

  • It was mostly a euro specific move, as EUR/AUD fell around 0.75%

  • The key event in Asia will be Aus Q2 CPI and its impact on RBA expectations

  • The market is pricing in a 50 BP hike for when the RBA meets August 2

  • Market expects +6.2% Y/Y headline, 4.7% Y/Y trimmed mean and +4.3% weighted mean

  • Hotter than expected read likely to lead to hawkish turn in RBA expectations

  • Any reaction may be short-lived as Fed decision later today is a key event

  • AUD/USD resistance at the 50% of 0.7281/0.6682 at 0.6982

  • Support is at the 10-day MA at 0.6884 and 21-day MA at 0.6850

  • For more click on FXBUZ










Source:
Refinitiv IFR Research/Market Commentary

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