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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
AUD
- Australian April CPI highlights the APAC docket on Wednesday and will be watched closely after the RBA revised up its Q2 forecast for both headline and core to 3.8% and cited upside risks to inflation in its most recent statement. Consensus currently sees headline CPI at 3.4% Y/Y. It is worth noting that the first month of the quarter doesn't include an update of the services components, which the RBA is particularly concerned about.
- In FX, last week’s move lower in AUDUSD appears to have been a correction and a bullish cycle that started Apr 19 still remains in play. The pair has recently breached a key short-term hurdle at 0.6668, the Mar 8 high, strengthening a bullish theme and a resumption of gains would open 0.6751, a Fibonacci retracement. On the downside, support to watch lies at 0.6581, the 50-day EMA.
- Interestingly, with a hawkish RBA and more dovish developments in Canada, AUDCAD remains within close proximity of the year’s highs at 0.9127 and exponential moving averages are in a bull mode position. Further strength might then expose a key medium-term resistance, a downtrend line from the 2021 and 2023 highs. This currently intersects around 0.9240 and will be monitored closely.
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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