Hey Traders, in today's trading session we are monitoring AUDUSD for a selling opportunity around 0.66800 zone, AUDUSD is trading in a downtrend and currently is in a correction phase in which it is approaching the trend at 0.66800 support and resistance area.
Let's delve into the fundamental landscape, specifically examining the recent Consumer Price Index (CPI) data. The CPI figures released on December 12, 2023, showed a 3.1% change, matching the previous month's figure and slightly below the forecasted 3.2%. This indicates a relatively stable inflationary environment in the Australian economy.
Comparing this with the preceding months' CPI data, we observe a consistent trend. The October 2023 data showed a 3.7% inflation rate, slightly higher than September's 3.6% and in line with expectations. However, in August 2023, there was a slight decrease, with inflation recorded at 3.2%, compared to the previous month's 3.3%.
The most recent CPI data at 3.4% suggests a mild deceleration in inflation, aligning closely with market expectations. This information provides valuable insights for traders considering a selling opportunity in AUDUSD, as stable or slightly decreasing inflation may influence market sentiment and potential currency movements.