AUD Trading Outlook
Australian Dollar (AUD) the AUD/USD broke above 1.0380 and tested 1.0400 before spending the rest of the day in a tight range. The RBA meets on Tuesday but before that that we have US GDP (tonight) and Chinese PMI (Monday) risk events. Looking ahead, BOJ Interest Rate forecast to hold rates at 0.1%.
Australian Dollar (AUD) the AUD/USD is rallying with global stocks and is ignoring the looming rate cut coming next Tuesday to once again be well supported. Resistance is seen at 1.0400 and 1.0450 if the rally was to continue tonight. The AUD/NZD cross fell today after the RBNZ held at 2.5% and kept a hawkish outlook in contrast to other central banks. Looking ahead, BOJ Rate meeting tomorrow forecast to hold rates at 0.1%.
Australian Dollar (AUD) Has been under pressure from the global stock market fall but the biggest hit came from Q2 CPI which shocked at 0.1% vs. 0.6% Q/Q. The weak inflation certainly almost confirms the RBA will cut next Tuesday and will be a constant source of AUD weakness going into the event. Looking ahead, RBNZ Rate meeting forecast to hold at 2.5%.
Australian Dollar (AUD) the AUD/USD was supported by the move higher in the EUR/USD but the market was hesitant at 1.0380 and we saw the Aussie fall behind. The GBP/AUD and EUR/AUD took advantage of the lagging Major to push higher with week highs on both and more gains expected. Looking ahead, April HSBC China PMI forecast at 49 vs. 48.4 previously.
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