All eyes are on key Australian inflation data releasing tomorrow with forecasts for CPI y/y to tick higher in January possibly into the 8’s. This comes in contrast to recent forecasts predicting the figure to have peaked in December 2022. Inflation expectations however are predicted to drop in 2023 to around 5.3 from December’s 6.5% – we shall see. Contrasting to Eurozone predictions from ECB’s Nagel who is suggesting March inflation will likely be smaller than expected. A look at the long-term area around 0.6320 (1.5820) is not far away.
Current Level: 0.6348 (1.5752)
Resistance: 0.6515 (1.5900)
Support: 0.6290 (1.5350)
Last Weeks Range: 0.6372-0.6480 (1.5432-1.5693)