AUD/USD price action has drifted broadly sideways over the last month or so. The Australian Dollar looks like it has started to perk up a bit more recently, however, as Aussie bulls attempt to regain lost ground and capitalize on US Dollar weakness.
This may follow an improving outlook for the Australian Dollar on account of the latest flash PMI data, which showed an acceleration in private sector growth to the strongest reading on record. Australia’s PMI report also noted that ongoing supply chain disruptions continued to exert upward pressure on inflation, adding that the data showed the “steepest increases in both input costs and selling charges since inception of the PMI survey.”
This brings to focus the upcoming release of Australian inflation data scheduled to cross market wires next Wednesday, 28 April at 01:30 GMT. According to the DailyFX Economic Calendar, the consensus forecast for headline inflation stands at 1.4% year-over-year, which would reflect a notable rise from 0.9% reported last. A better-than-expected inflation print likely stands to send AUD/USD price action snapping higher whereas a disappointing figure could spark a bearish reaction by the Australian Dollar.
Subscribe to #MoneyLifeResearch #ForexSignals #BestForexSignals Live Forex Signals
No comments:
Post a Comment