Any deviation from US CPI median forecast likely to spark significant USD movement – Westpac
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AUD/USD was net almost unchanged last week around 0.69. This week’s crowded calendar includes US Consumer Price Index (CPI) report, which could spark USD volatility, economists at Westpac report.
“AUD/USD’s sharpest movement of the week could well occur in response to the US inflation report on Tuesday.
“Any deviation from the median forecast of 6.2%yr overall, 5.5%yr ex-food and energy seems likely to spark significant US Dollar movement.”
“Ahead of the CPI, initial AUD/USD support lies around 0.6850/60, resistance around 0.7080.”
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