AUD/USD was climbing higher in the US shift on a broad based sell-off in the greenback in thin markets that allowed for such a big move in the dollar.
United States Core Personal Consumption Expenditure – Price Index (MoM) came in at 0.1% below forecasts (0.2%) in February
The volatility comes ahead of a schedule packed week for the markets with further US data and Fed Chairwoman Janet Yellen speaking in the U.S. session tonight. While today’s US inflation data was poor enough to set the dollar back, it comes after a series of hawkish Fed member comments last week, with St. Louis Fed President James Bullard saying last week that inflation would overshoot the Fed’s 2% target. Yellen had previously mentioned during a news conference that April remains a “live” meeting.
We will find out more from her point of view in tonight’s speech in New York. Meanwhile, we await more from China in the manufacturing data due this week along with non-farm payrolls in the US on Friday as next major catalysts.
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AUD/USD levels
AUD/USD is consolidated shy of the 200 1hr sma at 0.7569. The high has been 0.7557 overnight from a 0.7477 low and recovery on the 24th March in the downside of 17th March 0.7680 highs and subsequent supply. The price is in bullish territory above the 0.7515 pivot. S1 is located at 0.7484, S2 at 0.7477 and S3 is located at 0.7454.
(Market News Provided by FXstreet)