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May 14 - 05:55 PM

AUD/USD - Bulls Recover From A Near Knock Out PPI Punch

By Christopher Romano  —  May 14 - 01:45 PM
  • NY opened near 0.6615, pair fell sharply after US April PPI report

  • Above estimate headline result fueled concerns inflation is hot again

  • US yields US2YT=RR, US$ rallied sharply, AUD/USD traded 0.6578

  • Buyers emerged however as yields, US$ softened & risk assets rallied

  • Significant downward revision to March PPI helped buoy risk

  • Stocks, gold XAU= rallied while USD/CNH fell to 7.2355

  • AUD/USD climbed back above the 10-DMA, turned positive, traded 0.66275

  • Pair traded up +0.17% late in the day and technicals leaned bullish

  • RSIs rising, pair above slew of daily MAs, consolidation phase persists

  • US April CPI, retail sales reports are major risks for Wednesday

  • Below estimate results could send US$ lower and AUD/USD much higher

  • For more click on FXBUZ

Source:
Refinitiv IFR Research/Market Commentary

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