AUD/USD trades to a fresh yearly low (0.6714) amid weakness across the commodity bloc currencies, and the exchange rate may attempt to test the June 2020 low (0.6648) as it fails to defend the opening range for July.
appears to have reversed ahead of the monthly high as it snaps the series of higher highs and lows from last week, and the update to the US Consumer Price Index may keep the exchange rate under pressure as the headline reading is expected to increase for ten consecutive months.
The US CPI is projected to hit its highest level since 1982 as current forecasts project an 8.8% print for June, and evidence of persistent inflation may encourage the Federal Reserve to implement another 75bp rate hike at its next interest rate decision on July 27 in an effort to “ensure that longer-term inflation expectations remain well anchored at 2 percent.”
Meanwhile, the update to Australia’s Employment report may keep the Reserve Bank of Australia on its current course as the economy is anticipated to add 30.0K jobs in June, and Governorhe Board expects to take further steps in the process of normalising monetary conditions in Australia over the months ahead.
shows a greater willingness to deploy a restrictive policy, and the exchange rate may continue to trade to fresh yearly lows in the second half of 2022 even as ChairmanIn turn, AUD/USD may continue to track negative slope in the 50-Day SMA over the coming months, but a further decline in the exchange rate may fuel the tilt in retail sentiment like the behavior seen earlier this year.
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