The AUD/USD pair edges higher and consolidates its recent gains around 0.6430 during the early Asian session on Tuesday. The rebound of the pair is bo
hovers around 104.50 after retracing from the 105.00 area.
The China-proxy Australian dollar benefited from China's inflation data. The Chinese Consumer Price Index rose 0.1% YoY, from a 0.3% drop in the previous month, compared to the 0.2% rise anticipated. The monthly figure was 0.3% as expected. The improvement in Chinese inflation figures boosted the risk-on mood and dragged the safe-haven US Dollar lower. data which might convince the Federal Reserve interest rate expectation.
After the G20 Summit, US Treasury Secretary Janet Yellen conveyed more optimism that the US could control inflation without damaging the employment market. Yellen also said on Sunday that every gauge of inflation is declining and there were no massive wave of layoffs. ChicagoPresident Austan Goolsbee outlined the central bank's goal of leading the economy into a "golden path." This route represents a scenario in which inflation falls without causing a recession.
Looking ahead, market participants await the Australian Confidence surveys due later on Tuesday. The Westpac Consumer Confidence is expected at 0.6%. The NAB Business Confidence Index is expected to drop to 1 in August, up from -2 in July. Later this week, the US Consumer Price Index on Wednesday and the Producer Price Index on Thursday will be released. Traders will take cues from these figures and find the trading opportunity around the AUD/USD pair.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
AUD/USD clings to strong intraday gains on weaker USD, remains below mid-0.6400sThe AUD/USD pair catches aggressive bids on the first day of a new week and sticks to its strong intraday gains, near a multi-day peak through the fir
Read more »
AUD/USD remains flat near 0.6400 amid the mixed economic outlook, US soft landing concernAUD/USD trades sideways near the key resistance level of 0.6400 area during the early Asian session on Monday. Meanwhile, the US Dollar Index (DXY), a
Read more »
AUD/USD advances above the 0.6420 mark amid the weaker USD, US soft landing hopeThe AUD/USD holds above the 0.6400 area during the Asian session on Monday. The uptick of the Aussie (AUD) is supported by the weakening of the US Dol
Read more »
AUD/USD rises sharply on positive China’s news, risk-on sentimentThe Australian Dollar (AUD) climbs sharply against the US Dollar (USD) during the North American session on positive news from China ahead of Aussie’s
Read more »
AUD/USD Forecast: Weaker Dollar supports bullish reboundThe AUD/USD had its best day in two weeks on Monday, helped by a correction of the US Dollar across the board and a rebound in commodity prices. The p
Read more »
Australian PM keen to ink EU free trade agreement 'as soon as possible'Australian Prime Minister Anthony Albanese said on Saturday that prospects of inking a free trade agreement with the European Union were better this year than in 2024, after talks stalled in July.
Read more »