Overnight trading saw a release of US CPI numbers for September y/y coming in above expectations of 3.6% at 3.7% This rallied the US Dollar (USD) against its peers with yields going through the roof. The Australian Dollar (AUD) retreated off 0.6420 sliding to 0.6310 into Friday as the USD was bid higher. Massive chart support at 0.6300 is creeping into play again the 2023 low, I’m not sure the cross can avoid a breakout below this key figure, certainly if Fed members talk up prospects of another hike of interest rates before the end of the year we may see further downside bias continue.
The current interbank midrate is: AUDUSD 0.6316
The interbank range this week has been: AUDUSD 0.6306- 0.6444