The Australian Dollar (AUD) rallied late Friday off the back off US CPI easing from 7.9% y/y to 7.7% y/y lower than forecast of 7.9% sending buyer interest back into crosses, the AUD reaching 0.6712 where it sits into Tuesday sessions, a 20 September high. We may be witnessing the formation of a long-term base in the cross and fundamentally a stronger AUD with a bullish tone developing. With key areas opening up in China post lockdown restrictions, industry is booming again and pushing up metal prices such as iron ore and coal, this could underpin further surges and demand in the AUD. Australian jobs data print Thursday, predicted to be solid.
Current Level: 0.6698
Last Weeks Range: 0.6383-0.6704