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CPI In The Spotlight

AUD

The Aussie dollar outperforms at the margin as participants look ahead to the release of Australia's CPI data for Q3. Upticks in AUD crosses coincided with a jump in 3-Year ACGB yield, albeit AUD/USD implied overnight volatility remains subdued. Spot AUD/USD last trades at $0.7507, 6 pips higher on the day.

  • Bulls look to a rally above Oct 21 high of $0.7546, which would bring the 50% retracement of the Feb - Aug sell-off at $0.7557 into play. Conversely, losses past Oct 22 low of $0.7454 would allow bears to set their sights on Oct 18 low of $0.7379.
  • Looking further afield, RBA's Debelle & Bullock will testify to lawmakers tomorrow, while Australian retail sales & PPI will hit the wires on Friday.
  • This comes after AUD/USD traded with a positive bias Tuesday, as the Aussie drew support from firmer oil & iron ore prices.

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