An Australian inflation update takes the spotlight this week ahead of critical United States (US) macroeconomic data.
The Australian Monthly Consumer Price Index is foreseen steady at 3.4% YoY in March. Quarterly CPI inflation is expected to have ticked higher in the first quarter of the year. The Reserve Bank of Australia is confident the economy would dodge a hard landing. The Australian Dollar is correcting higher, but is still under bears’ control. An Australian inflation update takes the spotlight this week ahead of critical United States macroeconomic data.
6450, recovering from 0.6360, the year-to-date low set this April. The US Dollar has soared on the back of risk aversion triggered by Middle East woes and decreasing odds for a US Federal Reserve’s rate cut in June. The Greenback shed some ground at the start of the week, but its undeniable strength prevails. Valeria Bednarik, FXStreet Chief Analyst, says: “The AUD/USD pair offers a limited bullish potential, according to technical readings in the daily chart.
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