AUD/USD: Australia’s consumer inflation expectation advanced in July


AUDUSD Movement

For the 24 hours to 23:00 GMT, the AUD rose 0.51% against the USD and closed at 0.7677.

LME Copper prices rose 1.5% or $87.5/MT to $5882.5/MT. Aluminium prices declined 0.1% or $2.0/MT to $1877.0/MT.

In the Asian session, at GMT0300, the pair is trading at 0.7688, with the AUD trading 0.14% higher against the USD from yesterday’s close.

Earlier today, data showed that Australia’s consumer inflation expectation climbed to 4.4% in July, compared to a reading of 3.6% in the previous month.

Elsewhere in China, Australia’s largest trading partner, trade surplus surprisingly widened to a level of CNY294.3 billion in June, amid a surge in exports, confounding market consensus for the nation’s surplus to narrow to a level of CNY275.1 billion and compared to a surplus of CNY281.6 billion in the preceding month.

The pair is expected to find support at 0.7657, and a fall through could take it to the next support level of 0.7627. The pair is expected to find its first resistance at 0.7704, and a rise through could take it to the next resistance level of 0.7721.

The currency pair is trading above its 20 Hr and 50 Hr moving averages.

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