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AUD/USD staged a recovery on Tuesday, closing in positive territory after dropping over 0.55% earlier in the session. The rate last at 0.7749, up 2 pips in Asia.
- The rebound came as USD is weaker across the board on hopes of a global economic recovery as the IMF increased its outlook for world growth in 2021 from 5.2% to 5.5%.
- Earlier in the session the ANZ Roy Morgan Weekly Consumer Confidence index released, the figure rose to 111.2 from 108.7 previously. The 4-week moving average was unchanged at 109.5.
- AUDUSD continues to trade below recent highs but within this year's sideways range - a flat correction that reinforces the underlying bullish outlook. The range has defined key directional parameters at 0.7820, Jan 6 high and 0.7659, Jan 18 low. A break higher would confirm a resumption of the uptrend and pave the way for strength towards 0.7885. On the downside, clearance of 0.7659 would instead signal the start of a corrective pullback
- The market now looks ahead to CPI figures at 0030GMT/1130AEDT. Inflation is expected to have slowed in Q4 after a sharp rebound in Q3. Stimulus measures enacted to support the purchase and construction of new homes is expected to have been a further drag on housing related inflation, alongside lower rents. The monthly NAB business survey will also hit today.