AUD/USD extends softer Aussie CPI-led downfall, refreshes daily low near 0.6675-70 area – by hareshmenghani AUDUSD Inflation RBA RiskAppetite Currencies
traday descent extends through the early European session and drags spot prices to a fresh daily low, around the 0.6675-0.6670 region in the last hour.
The Australian Dollar weakens in reaction to the softer-than-expected domestic consumer inflation figures for February, which reaffirms bets that the Reserve Bank of Australia will refrain from raising interestat its April meeting. In fact, the Australian Bureau of Statistics reported that the headline CPI decelerated from the previous month’s reading of 7.4% to the 6.8% yearly rate, or an eight-month low in February.
The aforementioned mixed fundamental backdrop warrants some caution before placing aggressive bearish bets around the AUD/USD pair and positioning for any further depreciating move. Traders now look to the US economic docket, featuring the release of Pending Home Sales. This, along with the US bond yields and the broader risk sentiment, might influence the USD and provide some impetus to the AUD/USD pair.
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