AUD/USD Takes One-Two Punch From US CPI-Charged Dollar, RBA Chief Commentary

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Australian Dollar, AUD/USD, Fed, RBA Lowe, NZD – Talking Points

  • Asia-Pacific markets might battle as we speak after US shares drop on CPI
  • RBA Chief Philip Lowe opines towards lofty price hike expectations
  • AUD/USD fails to clear 61.8% Fib stage after pinging the 50-day SMA

Friday’s Asia-Pacific Outlook:

The Australian Dollar trimmed positive aspects versus the US Dollar in a single day after the pair hit the very best stage since January 2, pushing the change price decrease into Asia-Pacific buying and selling. A red-hot inflation report out of the United States bolstered price hike bets, pushing the US Dollar and Treasury yields greater and flattening the Dow Jones Industrial Average by 1.47%.

The risk-off sentiment might bleed over into APAC buying and selling as we speak, able to dragging Asian fairness indexes decrease, consuming into positive aspects set earlier within the week. The Australian Dollar got here underneath extra strain this morning after RBA Governor Philip Lowe pushed again towards hawkish market expectations. The RBA Chief signaled that shifting too early on a price hike would come with dangers, together with a success to the labor market.

New Zealand reported combined financial knowledge this morning. The Business NZ PMI for January fell from 53.8 to 52.1. Electronic retail card spending rose 3.0% in January on a m/m foundation, up from 0.3% m/m in December. Those numbers recommend that home client demand is rising within the island nation, a possible results of Covid restrictions being steadily eliminated in current months.

The Kiwi Dollar is almost unchanged versus the Greenback after shifting barely decrease in in a single day buying and selling. Later as we speak, NZD might transfer on enterprise inflation expectations for the primary quarter, due out at 02:00 GMT. China is about to report automobile gross sales (Jan), and Taiwan’s January commerce stability may even cross the wires. India will wrap up the day with industrial manufacturing knowledge (Dec) at 12:00 GMT.

AUD/USD Technical Forecast

AUD/USD popped and dropped in a single day, failing to defeat the 61.8% Fibonacci retracement for the second day on an intraday transfer and simply clipping the 50-day Simple Moving Average (SMA). The pseudo 50% Fib stage might flip to assist after costs struggled to clear above the extent final week. Prices might consolidate to wrap the week up, given the sunshine financial docket as we speak.

AUD/USD – Daily Chart

Chart created with TradingView

— Written by Thomas Westwater, Analyst for DailyFX.com

To contact Thomas, use the feedback part under or @FxWestwater on Twitter

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