AUD/USD bulls in the mareket ahead of Aussie CPI – by fx_ross AUDUSD Currencies Technical Analysis RBA
Traders will turn to the Aussie CPI event as a potential catalyst.
AUD/USD is higher on the day by some 0.75% after rising from a low of 0.6644 to score a high of 0.6710 on Tuesday. Aappetite is supporting the high beta currencies such as the Aussie. Investors have taken solace from First Citizens BancShares' agreement to buy all of the failed lender Silicon Valley Bank's deposits and loans.
US regulators said on Monday they would backstop a deal for regional lender First Citizens BancShares to acquire failed Silicon Valley Bank, triggering an estimated $20 billion hit to a government-run insurance fund. First Citizens shares jumped more than 53% during Monday trading on Wall Street. The package includes the purchase of approximately $72 billion of SVB assets at a discount of $16.5 billion, but around $90 billion in securities and other assets will remain “in receivership for disposition by the FDIC.” “In addition, the FDIC received equity appreciation rights in First Citizens BancShares, Inc.
´´We expect CPI inflation to ease further to 7% YoY in February from 7.4% last month and further affirm the RBA's view that inflation likely peaked in Q4 last year. Our below consensusis due to the large seasonal decline from recreational services , partly offset by firm price increases for education and transport.
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