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Foreign Inflation Data In Driving Seat

AUD

The latest CPI report released out of the U.S. knocked the greenback on its head Wednesday, thus providing a strong tailwind for AUD/USD. After a clean breach of the descending 50-DMA, the rate tested its 100-DMA for the first time since mid-Nov, printing best levels since Nov 18. The prospect of more stimulatory policies out of China (with such talk doing the rounds after a miss in local inflation data) lent further support to the Aussie.

  • AUD/USD last operates at $0.7282, little changed on the day. The 100-DMA/yesterday's high at $0.7287/93 provide the initial bullish target and a break here would turn focus to Nov 15 high of $0.7371. Conversely, a fall through Jan 7 low of $0.7130 would give bears some reprieve.
  • In the absence of notable local data releases today, focus turns to housing finance data, due Friday.
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