AUDUSD: Asian foreign exchange markets fall, USD rises ahead of
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The Australian dollar was among the few exceptions on the day, rising 0.3% as data showed CPI inflation eased in November, but remained well above the Reserve Bank's 3% target of 2%. annual. Core inflation also remains high amid high food and service prices.
The dollar index and dollar index futures were mildly mixed during the Asian session on Wednesday, after seeing a sharp increase in overnight trading.
The main focus remains on the upcoming US CPI data is expected to show a slight increase in inflation in December. But difficult inflation, along with recent signs of strength in the labor market, gives the Fed more room to keep interest rates higher for longer periods of time.
While the central bank is expected to cut interest rates this year, the market is increasingly skeptical about whether a rate cut will come as soon as March 2024.
Fed officials also resisted betting on an early rate cut, as inflation is expected to remain well above the Fed's 2% annual target in the near term.
The dollar index and dollar index futures were mildly mixed during the Asian session on Wednesday, after seeing a sharp increase in overnight trading.
The main focus remains on the upcoming US CPI data is expected to show a slight increase in inflation in December. But difficult inflation, along with recent signs of strength in the labor market, gives the Fed more room to keep interest rates higher for longer periods of time.
While the central bank is expected to cut interest rates this year, the market is increasingly skeptical about whether a rate cut will come as soon as March 2024.
Fed officials also resisted betting on an early rate cut, as inflation is expected to remain well above the Fed's 2% annual target in the near term.
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💵AUDUSD SELL 0.6720 - 0.6730💵✔️TP1 0.6680
✔️TP2 0.6640
❌SL 0.6780
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