AUD/USD drops below 0.6650 as China’s Inflation decelerates further to 0.7% – by Sagar_Dua24 AUDUSD Fed RBA Employment Inflation
tration to stem economic recovery. Annual China inflation data has softened to 0.7% from the consensus and the former release of 1.0%. On a monthly basis, the Chinese economy has shown deflation by 0.3% while the street was expecting an acceleration in prices of goods and services by 0.1%.
This indicates poor demand from households, which is raising questions about the economic prospects of the Chinese economy despite reopening with various stimulus. It is worth noting that Australia is the leading trading partner of China and weaker Chinese economic prospects will also dampen the Australian Dollar.
This week, the Australian Dollar will remain in action amid the release of March’s Employment data, which will release on Thursday. The street is anticipating an addition of fresh 20K jobs in the Australian economy lower than the former release of 64.6K. While the Unemployment Rate is expected to increase to 3.6% vs. 3.5% released in February.
A slowdown in the labor demand should be the outcome of higher rates from the Reserve Bank of Australia . RBAhas already commented that the Australian economy will slow further due to higher interest rates and inflation will soften too. Easing labor market conditions would be supportive of the RBA in maintaining its monetary policy unchanged.
Meanwhile, S&P500 futures are showing choppy moves with some positive bias from the previous trading session, indicating minor strength in bulls in a quiet market. The US Dollar Index has shown a recovery move after an extended correction to near 102.40.inflation data will guide the further direction in market. As per the consensus, the headline inflation will soften to 5.2% from the former release of 6.0%. Also, monthly headline CPI would decelerate to 0.3% from 0.4% reported earlier.
Australia Latest News, Australia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
AUD/USD remains sideways around 0.6660 amid extended weekend, China Inflation eyedThe AUD/USD pair continuously trading sideways around 0.6660 in the Asian session. The Aussie asset is likely to continue the lackluster performance a
Read more »
AUD/USD Price Analysis: Fades bounce off 61.8% Fibonacci retracement below 0.6700AUD/USD Price Analysis: Fades bounce off 61.8% Fibonacci retracement below 0.6700 AUDUSD Technical Analysis ChartPatterns SwingTrading SupportResistance
Read more »
AUD/USD recovers further from two-week low, climbs to 0.6675-80 area amid softer USDThe AUD/USD pair attracts some buyers near the mid-0.6600s on the first day of a new week and moves away from a two-week low touched on Friday. Spot p
Read more »
AUD/USD under pressure around 0.6640The AUD/USD pair extended its intraday slump to 0.6618 after Wall Street's opening, barely bouncing from the level and currently trading in the 0.6680
Read more »
AUD/USD Price Analysis: Bounces off fortnight-long support but 0.6700 is the key to upsideAUD/USD Price Analysis: Bounces off fortnight-long support but 0.6700 is the key to upside AUDUSD Technical Analysis SwingTrading ChartPatterns SupportResistance
Read more »
AUD/USD grinds lower towards 0.6600 amid firmer US Dollar, risk-off mood ahead of China inflationAUD/USD grinds lower towards 0.6600 amid firmer US Dollar, risk-off mood ahead of China inflation – by anilpanchal7 AUDUSD China RiskAversion Fed Inflation
Read more »