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USD Gains Ahead Of CPI Report, AUD Softens After Budget Speech

FOREX

The greenback garnered some strength in Asia-Pac hours, as U.S. equity index futures edged lower while participants prepared for the upcoming U.S. CPI report. The DXY extended its recovery from a multi-week low printed on Tuesday. Most G10 crosses respected tight ranges as news and data flow was relatively subdued, albeit continued exchange of fire in Gaza may have reduced appetite for riskier currencies.

  • The Antipodeans traded on a softer footing but AUD/USD struggled to penetrate the $0.7800 mark. BBG trader sources flagged the cutting of long positions in AUD initiated before the delivery of Federal Budget, while CBA warned that Australia would "mostly likely" lose its AAA credit rating.
  • The PBOC set the central USD/CNY mid-point at CNY6.4258, 9 pips above sell-side estimates, which may have helped USD/CNH grind higher later on.
  • Focus turns to U.S. CPI, final German CPI, UK quarterly GDP & monthly economic activity indicators as well as speeches from BoE's Bailey, ECB's Centeno, Riksbank's Breman and Fed's Clarida, Rosengren, Bostic & Harker.
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