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WILL INFLATION DATA GET AUD/USD MOVING?

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WILL INFLATION DATA GET AUD/USD MOVING?

Post by olixlite on Tue Jul 22, 2014 10:30 pm

The 0.9400 level has been a magnet for AUD/USD for the past six weeks. The risk trade isn't having same effect on the pair as it did some couple of years ago and the central bank has clearly shifted to the sidelines.
The market is still pricing in a slight chance of a rate cut from the RBA over the coming year but that could all change with the inflation report due at 0130 GMT (9:30 pm ET).
The market is expecting 3.0% y/y inflation and 2.7% in the core (trimmed mean). The Q2 inflation report from New Zealand disappointed and signaled a top in NZD/USD. Then again, Australian hasnít had the same persistent FX strength as New Zealand so thereís a chance of an upside surprise.What do you think?

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