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AUD waits for CPI data
By: Tim Clayton - 24-10-2006
0votesThe Australian dollar weakened to 0.7570 against the dollar on Monday with little change in domestic trading on Tuesday as the currency remained firm on the crosses. There has been little in the way of fresh incentives over the past 24 hours and there will be caution ahead of the important consumer inflation data due for release on Wednesday.
A strong figure would underpin the currency, especially if core inflation rises, but it will be difficult to secure further strong buying interest given that a November rate increase has already been discounted. Commodity prices will also probably not offer strong short-term Australian dollar support. Overall, there is likely to be further selling close to the 0.76 level with the potential for corrections to extend to 0.7550 if the CPI data is close to expectations.
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