AUD/USD retreats despite Australian budget surplus, as traders eye US CPI – by christianborjon AUDUSD Currencies Majors
ored despite foreseeing a surplus. Contrarily worries about raising or suspending the US debt ceiling took center stage ahead of April’s US Consumer Price Index report. At the time of writing, the AUD/USD is trading at 0.6765 after hitting a high of 0.6786.AUD/USD buyers seem to be unimpressed by the Australian budget for 2023-2024. The Australian Federal Treasurer Jim Chaimers projects the first balanced annual budget in 15 years, anticipating a surplus of A$4.2 billion for 2022/2023.
In the meantime, the US Secretary of Treasury Janet Yellen commented that the government would run out of cash by June 1, adding that it would be a “huge git” to the US economy. She said a default would have “tremendously adverse effects” on the financial markets. Aside from this, Federal Reserve speakers led by Fed Governor Philip Jefferson and the New York Fed President John Williams crossed newswires. Jefferson spoke on the banking system, saying it was sound and resilient and that most banks raised their lending standards. He added that inflation is slowing down in an “orderly fashion,” adding that it would come down as the economy grows., and added that the Fed would be data dependent and could raise rates if needed.
Even though Williams sounded hawkish, the AUD/USD remained unfazed and has bounced off the day’s lowsAUD/USD traders would get some cues on the release of April’s US Consumer Price Index , which is expected to triggerin the financial markets. The CPI is estimated to remain unchanged at 5% on its annual readings, while core CPI is projected to dip from 5.6% to 5.5%.
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