After falling to 0.6510 late in the week the Australian Dollar (AUD) recovered towards 0.6600 at the close against the US Dollar (USD). The cross looks to be consolidating where it is the cross trading around 0.6570 Monday despite a pick-up in risk appetite. Looking ahead we have a quiet week on the docket until Friday’s US CPI data releases. The recent spike in US yields have given the greenback a lift however the real moves will be based on where CPI prints. Expectations are for a rise to 3.3% from 3.0% y/y which won’t be welcomed by the Fed.
Current Level: 0.6573
Last Weeks Range: 0.6512 – 0.6739