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May 10 - 03:55 PM

AUD/USD - Backs Off Recent Highs But Hold Above 0.66 Gives Bulls Hope

By Paul Spirgel  —  May 10 - 01:35 PM
  • AUD$ soft into NorAm close, -0.25% at 0.6605; Friday range 0.6629-0.6597

  • Despite Friday slide w/in muted range holding above 0.66 somewhat positive

  • Pair reacting data-by-data, Fri's UMich inflation rise boosts USD

  • AUD/USD bounce thwarted by UMich inflation lift nL1N3HD1IK

  • Less-dovish RBA policy tack likely to keep AUD firm; US CPI May 15 in focus

  • Rates key, despite recent dovish RBA hold, AU rates likely steady in 2024

  • Fed seen cutting in Sept, perhaps Dec; IRPR shows Fed 144bp into YE 2024

  • AUD$ res 0.6629 Friday high, 0.6652 100-WMA, 0.6664 upper 30-d Bolli

  • Support 0.6597 Friday low, 0.6576 10-DMA, 0.6555 daily cloud base

For more click on FXBUZ

Source:
Refinitiv IFR Research/Market Commentary

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