Intraday Market Thoughts

Archived IMT (2010.07.28)

by Ashraf Laidi
Jul 28, 2010 1:33

Tonight's Aussie Q2 CPI (1:30 GMT) will be key in providing clues on the next RBA decision but the tricky part comes in the mixed showing of q/q and y/y data. Mondays Q2 PPI showed softer than expected q/q PPI at 0.3% but a higher 1.0% on y/y basis. See Monday's PPI in calendar here: Expectations are higher for both the q/q and y/y basis (again see calendar) therefore a strong number and sufficiently positive risk appetite will be needed to boost AUDUSD beyond the 0.9070 trendline resistance extending from the April 14 high. Any disappointing figures dampening hopes for another rate hike will likely see prolonged gains in EURAUD, especially as the double bottom could complete its formation. AUDJPY attemtoing 79.80.


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