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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. 

Australia 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%.


source: fxstreet