- The Aussie sees mild hesitation after positive China CPI/PPI figures mix with disappointing NAB surveys.
- The week ahead will be bringing further details from both Australia and China, and markets will be waiting for the figures.
The AUD/USD is holding near the early Asia session’s highs, testing 0.7480 following mostly bullish data for China with the CPI/PPI spreading results, and a disappointing read for NAB business surveys.
China’s y/y CPI came in at expectations, printing at 1.9%, while the y/y PPI came in better than expected at 4.7%, and the Asia session’s bullish stance is resuming into Tuesday, despite a quiet flub for the National Australian Bank’s (NAB) Business Confidence and Business Conditions surveys, with the confidence survey printing at 15 versus the expected 18, and the conditions survey coming in at 6 versus the forecast 8. Both indicators failed to generate positive momentum, and remained at their previous readings.
Upcoming data for the Aussie includes the Westpac Consumer Confidence Survey early Wednesday at 00:30 GMT, and Home Loans figures at 01:30 GMT tomorrow as well, which is grudgingly expected to print at -1.9%, a decline from the previous reading of -1.4%. China will also be seeing trade balance figures on Friday, and traders will be keeping an eye out for the key figures after last week’s US-China tit-for-tat trade tariffs came into effect on Friday.
AUD/USD levels to watch
The pair has marked in yesterday’s high at 0.7485, and bulls will be looking to keep the Aussie on a bullish path, hoping to avoid a turnaround from the current levels to challenge mid-June’s swing highs at the 0.7600 key barrier, with support built in at recent swing highs from 0.7440 and 0.7410.
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