AUD/USD looks to regain 0.6800 as US Dollar retreats ahead of inflation data, Fed – by anilpanchal7 AUDUSD Inflation RiskAppetite CentralBanks Markets
That said, the quote snapped a three-day uptrend the previous day as the US Dollar benefited from firmer Treasury bond yields, as well as Friday’s strong data suggesting upbeat prints of the US CPI.
Even so, mixed prints of the US inflation expectations from the Federal Reserve banks of New York and St. Louis seem to lure the bearish bias surrounding the US CPI and favor the AUD/USD bulls of late. On Monday, the New York Federal Reserve’s Survey of Consumer Inflation Expectations Survey stated that the 1-year ahead inflation expectations slumped to their lowest level since 2021 and marked the biggest month-to-month decline in November on record.
Other than the mixed forecasts for US inflation, optimism surrounding China’s gradual removal of the Zero-Covid policy also helps the AUD/USD buyers. That said, the government of Shanghai city announced on Monday that they will deem all districts as "not at risk of Covid" from Tuesday, December 13, as reported by Reuters. Earlier on Monday, Chinese officials announced that they will take the application used to track coronavirus cases offline later this week.
On the contrary, downbeat Australian statistics, fears of the Sino-America tussles and hawkish hopes from theEarlier in the day, National Australia Bank’s Business Confidence gauge slumped to -4.0 for November versus 5.0 expected and 0.0 prior. Further, the NAB Business Conditions also eased to 20.0 while matching market forecasts, compared to 22.0 prior. Elsewhere, Chinese Foreign Ministry spokesman Wang Wenbin conveyed dislike for the US sanctions on two of their diplomats on Monday.
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