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Forex Today: Slowing Australian inflation drives stock market to record high

Forex Today: Slowing Australian inflation drives stock market to record high

Australian inflation is falling faster than expected, fueling hopes of faster monetary easing, boosting Australian stocks and weakening the Australian dollar.

➡️ Australian CPI (inflation) data showed an annualized rate decline last quarter from 4.3% to 3.4%, significantly lower than the widely expected 3.7%. This news has fueled expectations that the Reserve Bank of Australia will undertake monetary easing more quickly, raising hopes for faster rate cuts. This weakened the Australian dollar and led the Australian ASX 200 index to close at a new all-time high price, which will be of interest to trend traders.

➡️ The markets are awaiting the next policy meeting of the US Federal Reserve, but see virtually no possibility of a rate cut. German preliminary CPI, ADP non-farm employment forecast, Canadian GDP data and US employment cost index will also be released.

➡️ US stock markets have fallen over the past day, but so be it  the NASDAQ 100 index  That  the S&P 500 index  are close to all-time highs.

➡️ Crude oil  is consolidating near a 2-month high as tensions rise in the Red Sea and Indian Ocean following the fatal attack on US forces in Syria/Jordan, which is expected to prompt US retaliation soon. This could lead to a rise in the price of crude oil when that happens, although the US will likely be careful not to raise tensions too much.

➡️ In the Forex market, the US dollar has been the strongest major currency since Tokyo opened today. The Australian dollar was the weakestand, putting you at the center of attention the AUD/USD currency pair  . Increased volatility has recently been observed in the currency pair USD/JPY  . The Japanese yen has attracted some safe haven flows.

➡️ Bitcoin  continued its recovery after supporting below the big round number of $40,000 a few days ago, but is struggling to overcome the resistance near $43,300.

➡️ Cocoa futures  they reached a new multi-year high price yesterday, which will keep trend traders interested in this commodity on the long side. It has shown a powerful bullish trend for over a year.

 

Credit by DailyForex.com

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