Free Trial

AUD/USD trades flat at $0.7154 ahead of......>

AUSSIE
AUSSIE: AUD/USD trades flat at $0.7154 ahead of Australian Q4 CPI print at
0030GMT/1130AEDT. For our piece indicating what to look for in the release, see
MNI Main Wire at 11:06 GMT 01/29. 
- This comes after AUD/USD fell 11 pips Tuesday. Comments from RBA board member
Harper, who reiterated that he believes the next rate move will be up, allowed
AUD to shake off earlier weakness triggered by a soft Dec biz. conditions print
during Tuesday's Asia-Pac session, but the rate declined thereafter, weighed on
by risk aversion. 
- Bears look to the nearby 21-DMA at $0.7146 and a break below would open up
$0.7138, where the rate bottomed Tuesday. Meanwhile, bulls look for a jump above
the 50-DMA/100-DMA at $0.7166/70, which would shift their focus to Tuesday's
peak at $0.7176. 
- Participants focus on the aforementioned CPI due today, but top-level
Sino-U.S. trade talks, scheduled for Wednesday & Thursday, as well as Chinese
PMI data will also attract attention. As a reminder, U.S. Tsy Sec Mnuchin said
Tuesday that in negotiations with Beijing "everything is on the table".

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.