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AUDUSD NEWS : AUDUSD lacks any firm direction, remains confined in a range below 0.6700 post-US CPI

AUDUSD NEWS

AUDUSD NEWS : AUDUSD lacks any firm direction, remains confined in a range below 0.6700 post-US CPI

  • AUD/USD struggles to capitalize on its modest intraday bounce from the 0.6630 area.
  • Rebounding US bond yields continues to underpin the USD and cap gains for the pair.
  • The latest US consumer inflation figures do little to provide any impetus to the major.

AUDUSD NEWS : The AUD/USD pair reverses an early North American session dip and climbs to a fresh daily peak following the release of the latest US consumer inflation figures. Spot prices, however, struggle to capitalize on the modest intraday uptick and remain below the 0.6700 round-figure mark, at least for the time being.

The US Dollar comes under some selling pressure after the US Bureau of Labor Statistics reported that the headline CPI rose by 0.4% in February as compared to the 0.5% recorded in the previous month. Adding to this, the yearly rate decelerated from 6.4% to 6.0% during the reported month. The data reaffirms expectations that the Federal Reserve will slow, if not halt, its rate-hiking cycle amid the strain on the US banking system, which, in turn, weighs on the Greenback and lends support to the AUD/USD pair.

AUDUSD NEWS : That said, the Core CPI, which excludes volatile food and energy prices, came in at 0.5% on a monthly basis, beating estimates for a reading of 0.4%. This comes on the back of easing fears of a broader systemic crisis, which remains supportive of a strong intraday rally in the US Treasury bond yields and helps limit the downside for the USD. Apart from this, the Reserve Bank of Australia’s (RBA) recent dovish shift, signalling that it might be nearing the end of its rate-hiking cycle, contributes to capping the AUD/USD pair.

Hence, it will be prudent to wait for a sustained strength above the 0.6700 mark and a subsequent move beyond the overnight swing high, around the 0.6715 region, before placing fresh bullish bets around the AUD/USD pair. Moreover, the lack of any meaningful buying warrants some caution before confirming that spot prices have bottomed out in the near term and that the recent downfall witnessed since early February has run its course.

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FIRST CAPITALS brand is authorized and regulated in various jurisdictions.

First Capitals Limited (www.First Capitals.com/eu) is regulated by the Cyprus Securities and Exchange Commission with CIF license number 185/12, licensed by the Financial Sector Conduct Authority (FSCA) of South Africa, with FSP No. 46614. The company is also registered with the Financial Conduct Authority of the UK with number 600475.

First Capitals (www.First Capitals.com/uk) is authorised and regulated by the Financial Conduct Authority with license number 777911.

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Card transactions are processed via FT Global Services Ltd, Reg No. HE 335426 and registered address at Ioannis Stylianou, 6, Floor 2, Flat 202 2003, Nicosia, Cyprus, and via Exinity Services Ltd , Reg No. HE 400404 and registered address at Agiou Georgiou Makri, 64, Anna Maria Lena Court, Flat 201, 6037, Larnaca, Cyprus. Address for cardholder correspondence: backoffice@First Capitals.com.. Business location address: FIRST CAPITALS Tower, 35 Lamprou Konstantara, Kato Polemidia, 4156, Limassol, Cyprus.

Exinity Limited is a member of Financial Commission, an international organization engaged in a resolution of disputes within the financial services industry in the Forex market.

Risk Warning: Trading Forex and Leveraged Financial Instruments involves significant risk and can result in the loss of your invested capital. You should not invest more than you can afford to lose and should ensure that you fully understand the risks involved. Trading leveraged products may not be suitable for all investors. Trading non-leveraged products such as stocks also involves risk as the value of a stock can fall as well as rise, which could mean getting back less than you originally put in. Past performance is no guarantee of future results. Before trading, please take into consideration your level of experience, investment objectives and seek independent financial advice if necessary. It is the responsibility of the Client to ascertain whether he/she is permitted to use the services of the FIRST CAPITALS brand based on the legal requirements in his/her country of residence.  Please read FIRST CAPITALS’s full Risk Disclosure.

Regional restrictions: FIRST CAPITALS brand does not provide services to residents of the USA, Mauritius, Japan, Canada, Haiti, Suriname, the Democratic Republic of Korea, Puerto Rico, Brazil, the Occupied Area of Cyprus and Hong Kong. Find out more in the Regulations section of our FAQs.

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