The AUD/USD is trading near 0.7600 as the new week opens on a quiet note with Australian markets shuttered for a holiday.
The Aussie looks set to trade lower against the US Dollar this week, with the pair trading down from a lower high set last week, and the long-term bearish trend is still in place despite a technical correction for the AUD/USD, which received brief support from an unexpected positive swing to Australian economic figures, though the trend is still far off from allowing the Reserve Bank of Australia (RBA) to begin even talk about lifting interest rates.
celebrates the Queen's Birthday today, and Aussie markets will be dark
for Monday. Action for the early week will see limited volumes for the
pair. Chinese inflation data came out over the weekend though, with
China's Consumer Price Index printing at the expected 1.8%, in-line with
the previous period, while the Producer Price Index came in at 4.1% for
the y/y, over and above the forecasts of 3.9% and a beat of the
previous reading of 3.4%.