AUD/USD fails to sustain above 0.6900 as USD Index rebounds, US inflation eyed – by Sagar_Dua24 AUDUSD RBA Inflation RetailSales DollarIndex
has rebounded in its early trade. The USD Index has stretched to near the round-level resistance at 103.00risk appetiteIn early Asia, the Australian Dollar displayed volatility after the release of the monthly Australian inflation and Retail Sales data. The Australian Bureau of Statistics reported monthly inflation at 7.4% that the consensus of 7.3% and the former release of 6.9%. Apart from that, monthly Retail Sales have jumped to 1.4% against the projections of 0.6%.
This might result in unrest for Reserve Bank of Australia policymakers as they are putting ‘blood and sweat’ into taming healthy inflation. Meanwhile, market participants are continuously chattering over the reopening of China after stretched lockdown led by the Covid-19 epidemic. Economists at JP Morgan are of the view that China’s reopening from the Covid restrictions will likely boost Australian economic growth by around 1.0%. It is worth noting that Australia is a leading trading partner of China and economic prospects in China impact the Australian Dollar., the United States Consumer Price Index will remain spotlight.
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