Fxstreet.com (Barcelona) - After falling to 0.7020 from 0.7130 yesterday high, AUD/USD has begun to rise to test the 0.7050 level. Currently the pair is trading around 0.7050/60.
Yesterday. the pair won 1.36% from opening price at 0.6975, reaching 0.7130 as maximum and 0.6970 as minimum, to close the day at 0.7071.
According to Trade The News Staff, Aussie is under pressure: Elsewhere in Asia, relative equity weakness persisted in Aussie markets following confirmation of economy bracing for imminent recession by govt and monetary officials earlier this week. Q1 CPI released today fell short of estimates on headline level with 0.1% rise v 0.5%e, but did beat slightly on Trimmed Mean (or core) basis, rising 1.0% q/q and 3.9% y/y vs respective estimates of 0.8% and 3.8%. Subsequently, Australia's Treasurer Swan reflected on significant moderation in inflation, forecasting further easing pressures in months to come that could potentially solidify more RBA easing in early May. The Aussie was one of the weaker majors as traders continued to respond to economic downgrade from local officials and questionable outlook on inflation figures. AUD/USD pared earlier rebound, trading down to 0.7020's
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