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Market News AUD/USD Corrective Bounce Fades Close To 0.6550 As China Inflation Sends Conflicting Signals

AUD/USD Corrective Bounce Fades Close To 0.6550 As China Inflation Sends Conflicting Signals

AUD/USD maintains corrective rebound from two-month low after China data allays deflation fears. July China CPI falls to -0.3% YoY, while PPI improves to -4.4% YoY. The Biden administration's leniency towards China's artificial intelligence companies and the market's consolidation following a period of extreme risk aversion both favour Australian purchasers. Prior to Thursday's Australia Consumer Inflation Expectations and US CPI releases, risk catalysts are analysed.

TOP1 Markets Analyst

2023-08-09

10546

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AUD/USD remains stagnant near the intraday high near 0.6550 as China inflation data displays mixed signals on Wednesday morning. In doing so, the Aussie pair defends Tuesday's late corrective rebound off the two-month lows as the market stabilises following a day of volatility.

China's Consumer Price Index (CPI) falls to -0.3% YoY versus -0.4% YoY expected and 0.0% previously, while the Producer Price Index (PPI) rises to -4.4% YoY versus -4.1% YoY market forecasts and -5.0% prior readings.

In addition to the China inflation data, Bloomberg reports that the latest risk-positive news from the Biden Administration permits the AUD/USD pair to nurse its wounds at the multi-day low. According to the news, the United States intends to target only Chinese companies that generate more than 50 percent of their revenue from quantum computation and artificial intelligence (AI).

Overseas, the market's consolidation after a period of extreme risk aversion may have permitted the AUD/USD to remain stagnant.

Even so, the impending bankruptcies of the top-tier China real estate players and the difficulties for global banks as a result of the most recent action by Italy and the top rating agencies appear to keep a close eye on the AUD/USD exchange rate.

Wall Street closed in the red, with significant losses among bank stocks, while US 10-year Treasury bond yields dropped to a weekly low of approximately 3.98% before rebounding to 4.03% by the end of the day. However, S&P500 Futures remain moderately bid as of press time.

A lack of significant data/events in the near future may enable the AUD/USD pair to consolidate its weekly loss before Thursday's Australia Consumer Inflation Expectations for August and the all-important US CPI.