AUD/USD: Australia’s consumer inflation expectation jumped in October


AUDUSD Movement

For the 24 hours to 23:00 GMT, the AUD rose 0.22% against the USD and closed at 0.7796.

LME Copper prices rose 0.7% or $44.0/MT to $6685.0/MT. Aluminium prices declined 0.4% or $9.0/MT to $2124.0/MT.

In the Asian session, at GMT0300, the pair is trading at 0.7809, with the AUD trading 0.17% higher against the USD from yesterday’s close.

Data released overnight showed that Australia’s consumer inflation expectation rose to 4.3% in October, following a reading of 3.8% in the previous month. Moreover, the nation’s seasonally adjusted home loan approvals climbed 1.0% on a monthly basis in August, topping market expectations for an advance of 0.5%. In the previous month, home loan approvals had gained by a revised 2.8%.

The pair is expected to find support at 0.7782, and a fall through could take it to the next support level of 0.7756. The pair is expected to find its first resistance at 0.7824, and a rise through could take it to the next resistance level of 0.7840.

Looking forward, the Reserve Bank of Australia’s Financial Stability Review report, due to release overnight, will garner significant market attention.

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

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