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A$ Range Trading Ahead Of US CPI

AUD

Aussie has been trading in a narrow range versus most currencies during APAC trading as markets wait for US July CPI out later. AUDUSD is up 0.2% to 0.6540, close to the session high of 0.6546. The USD index is unchanged.

  • Aussie is 0.2% higher versus the yen at 94.06, close to the intraday high of 94.12. AUDNZD is slightly lower at 1.0781. AUDEUR is up 0.1% to 0.5958 and AUDEUR +0.2% to 0.5144 respectively.
  • MI inflation expectations eased to 4.9% in August but have been coming in around the 5% mark this year (see MNI Lower Inflation Expectations But Still Around 2023 Average).
  • Equity markets are mixed with the ASX flat, the Nikkei up 0.3% and the Hang Seng down 0.4%. The S&P e-mini is 0.3% higher. Oil prices are range trading and WTI is down 0.2% to $84.27/bbl. Copper is up 0.1% and iron ore is heading down to $101/t.
  • The focus later is on July US CPI which is expected to rise to 3.3% y/y from 3% with core down 0.1pp to 4.7% (see MNI’s US CPI preview here). The Fed’s Daly, Bostic and Harker also speak. There are jobless claims and July budget data in the US. Tomorrow RBA officials including Lowe and Bullock appear before House of Reps economics committee.

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