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$ In Narrow Ranges Ahead Of US CPI Data Later

AUD

AUDUSD has been range trading today and is currently unchanged on the NY close at 0.6765, even though equities are down across the APAC region. The USD index is down slightly ahead of the April US CPI data later today.

  • Aussie is also almost unchanged against the major crosses with AUDJPY stable around 91.46, AUDNZD at 1.0670 and AUDGBP at 0.5358 but AUDEUR down 0.1% to 0.6166.
  • Equity markets are lower across the APAC region with the ASX down 0.1%, the CSI 300 -0.8% and the Nikkei -0.5%. But S&P e-minis are 0.1% higher. Oil prices are down around 0.6% with Brent just under $77/bbl. Copper is stable and iron ore continues to trade around the $107/t mark.
  • The focus of the day is the US April CPI data which is forecast to rise by 0.4% m/m with headline remaining at 5% y/y and core easing 0.1pp to 5.5%. Real average weekly earnings for April and the April budget statement are also released.

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