AUD/USD sticks to softer Australian CPI-led losses, flirts with 0.6600 despite weaker USD – by hareshmenghani AUDUSD Inflation RBA Fed Currencies
maintains its offered tone through the first half of the European session and is currently placed around the 0.6600 mark, or its lowest level since mid-March.
The Australian Dollar weakens across the board after the Australian Bureau of Statistics reported that the headline CPI eased from 1.9% to 1.4% during the March quarter, marking the smallest increase since late 2021. Furthermore, the annual CPI decelerated to 7.0% from 7.8% and suggests that inflation might have finally peaked.
Apart from this, a modest bounce in the US equity futures exerts additional downward pressure on the safe-haven buck and contributes to limiting losses for the AUD/USD pair, at least for the time being. Nevertheless, the aforementioned fundamental still seems tilted in favour of bearish traders and supports prospects for additional losses. Hence, a subsequent fall back towards challenging the YTD low, around the 0.6570-0.6565 region, looks like a distinct possibility.
Market participants now look to the US Durable Goods Orders data, due later during the early North American session, for a fresh impetus. The focus, however, remains glued to the US Q1 GDP report on Thursday and the Core PCE
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