Yesterday the AUDUSD price drew a bearish candlestick with rather long shadows on the top and bottom of the candle, within three days the price moved in the range of 0.67612 to 0.68125. Although the current price is higher than the previous high in July, the consolidation movement indicates a fading uptrend.
Australian CPI data released yesterday showed actual data of 3.5%, higher than the forecast of 3.4%, but lower than the previous revision of 3.8%. Market speculation regarding this inflation data predicts that the RBA will keep the Official Cash Rate (OCR) interest rate unchanged at 4.35%. On the other hand, the Fed is predicted to cut interest rates in September, which could have an impact on the AUD
On the other hand, Australian construction data showed 0.1% lower than the expected 0.8% but higher than the previous revision of -2.0%.
Investors will probably wait more for US PCE data which will be released on Friday which is expected to be 0.2% the same as the previous revision. However, today several important news releases that need to be concerned are US GDP data and Unemployment Claims. Prelim GDP is forecast at 2.8%, the same as the previous revision, while Unemployment Claims is forecast at 232k, the same as the previous revision.
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Australian CPI data released yesterday showed actual data of 3.5%, higher than the forecast of 3.4%, but lower than the previous revision of 3.8%. Market speculation regarding this inflation data predicts that the RBA will keep the Official Cash Rate (OCR) interest rate unchanged at 4.35%. On the other hand, the Fed is predicted to cut interest rates in September, which could have an impact on the AUD
On the other hand, Australian construction data showed 0.1% lower than the expected 0.8% but higher than the previous revision of -2.0%.
Investors will probably wait more for US PCE data which will be released on Friday which is expected to be 0.2% the same as the previous revision. However, today several important news releases that need to be concerned are US GDP data and Unemployment Claims. Prelim GDP is forecast at 2.8%, the same as the previous revision, while Unemployment Claims is forecast at 232k, the same as the previous revision.
View attachment 7347
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