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Aussie remains higher after stronger-than-expected third quarter CPI data earlier


The aussie leads gains in European trade

AUD / USD is currently trading around 0.7525 as buyers keep a more bullish bias in the short term, keeping a boost towards its 100 hour moving average @ 0.7493 currently since yesterday’s trading and capitalizing on earlier third quarter CPI data.

The cropped average reading showed stronger inflation pressures than expected, but given that wage growth remains unimpressive, it may be difficult for the RBA to fall behind and move away from the ‘transient’ narrative at this point. .

Policymakers have maintained that 2024 is the earliest date for which they would target rate hikes and I see no change from that perspective just yet. That said, more surprises on inflation readings will put more pressure on the RBA, so there you go.

The Aussie remains higher against the dollar but still holds below last week’s highs at 0.7546 and also below its 200-day moving average at 0.7558:

Staying below the latter is still somewhat suggesting that the bullish momentum is relatively contained, as buyers need to cross this threshold to open the next upside step.

The dollar might not be in the best spot, but Aussie buyers may need a little more momentum to break through the key resistance level highlighted.

Elsewhere, Australian sentiment is also supported (weighed kiwi sentiment as such) by a further push in AUD / NZD towards its 100-day moving average:

Aussie remains higher after stronger-than-expected third quarter CPI data earlier

The pair is looking for a fifth consecutive day of gains after the early October rally collapsed in the 1.0600 test, but buyers remain in the game and the 100-day moving average @ 1, 0524 will be a key level to watch in the days. forward as such.

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