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AUD Weighed On By RBA Speak & Subdued Risk Appetite, Cues From China Eyed

AUD

Selling pressure hit the Aussie dollar Tuesday after RBA Gov Lowe explicitly downplayed market pricing pointing to rate hikes in '22 & '23. AUD/USD retreated as a result, with the U.S. CPI report stoking some volatility, as a moderation in price growth pulled the rug from beneath the greenback. The USD quickly regained poise as risk appetite turned sour, with AUD/USD sliding to its worst levels since Sep 1.

  • SA Premier Marshall said that the state might open borders once 80% of its residents are fully vaccinated against Covid-19.
  • The Australian docket is headlined by Westpac Consumer Confidence today, with the monthly jobs report and consumer inflation expectations coming up tomorrow. China's activity data and the PBoC's MLF operation will also grab attention today.
  • AUD/USD trades flat at $0.7320. A resumption of losses and a break below $0.7292, which represents the 50% retracement of the Aug 20 - Sep 3 rally, would please bears, shifting focus to the 61.8% Fibo level at $0.7248. Bulls need a break above Sep 10 high of $0.7410 before targeting Sep 3 high of $0.7478.
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