Australia will publish fresh inflation-related figures on Wednesday, just before the Bank of Japan (BoJ) and the US Federal Reserve (Fed) monetary policy announcements.
The Australian Monthly Consumer Price Index is foreseen at 3.8% YoY in June. Quarterly CPI inflation is expected to have risen at an annualized pace of 1% in Q2. The Reserve Bank of Australia will meet on August 6 to discuss monetary policy. The Australian Dollar retains its weak tone, trading against the USD at its lowest in two months. Australia will publish fresh inflation-related figures on Wednesday, just before the Bank of Japan and the US Federal Reserve monetary policy announcements.
Valeria Bednarik, FXStreet Chief Analyst, says: “The AUD/USD pair shows modest signs of bearish exhaustion after flirting with the 0.6500 figure, yet there are no technical signs of a directional change. The daily chart shows that the pair keeps developing below all its moving averages, with the 20 Simple Moving Average heading firmly south above the longer ones. The immediate SMA is the 200, providing dynamic resistance at around 0.6585.
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