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10 Feb 2015
AUD/USD: Offered only to catch demand back onto 0.78 handle
FXStreet (Guatemala) - AUD/USD is trading at 0.7805 with a high of 0.7811 and a low of 0.7790.
AUD/USD was initially offered on the back of the business climate result for Australia that came in the form of the NAB’s monthly business survey for the month of January. Although the business confidence was a touch higher at 3 vs 2 prior, the fundamental story painted by the January Business Survey is still one of a soft economy. However, the major commodity currency may have found demand on a decent housing number at 1.9% vs 1.8% expected that was released at the same time and both combined leads to a bid currency.
Next up, we have the Chinese January CPI and PPI that will be released 12:30pm Syd/9:30am local. "Both are expected to soften from last month’s print. The market median for CPI is 1.0% y/y v 1.5% in Dec given energy price falls. The consensus for PPI is -3.8% y/y v the prior print of -3.5%, with tiers of deflation through raw, then basic materials, capital goods and consumer durables" -Sean Callow, analyst at Westpac Banking Corporation.
AUD/USD was initially offered on the back of the business climate result for Australia that came in the form of the NAB’s monthly business survey for the month of January. Although the business confidence was a touch higher at 3 vs 2 prior, the fundamental story painted by the January Business Survey is still one of a soft economy. However, the major commodity currency may have found demand on a decent housing number at 1.9% vs 1.8% expected that was released at the same time and both combined leads to a bid currency.
Next up, we have the Chinese January CPI and PPI that will be released 12:30pm Syd/9:30am local. "Both are expected to soften from last month’s print. The market median for CPI is 1.0% y/y v 1.5% in Dec given energy price falls. The consensus for PPI is -3.8% y/y v the prior print of -3.5%, with tiers of deflation through raw, then basic materials, capital goods and consumer durables" -Sean Callow, analyst at Westpac Banking Corporation.