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Market News With AUD/USD Confined Below 0.6570, Attention Turns To The RBA's Bullock Speech

With AUD/USD Confined Below 0.6570, Attention Turns To The RBA's Bullock Speech

The AUD/USD maintains a sideways pattern near 0.6565 due to the strengthening USD. Tuesday marks the beginning of the FOMC's two-day meeting; no changes are anticipated. The weekly ANZ-Roy Morgan Australian Consumer Confidence survey returned a reading of 80.8, up from 76.4 previously. The focus will be on the RBA Bullock speech and the US CPI report on Tuesday.

TOP1 Markets Analyst

2023-12-12

11255

On Tuesday morning, the AUD/USD pair remained confined within a narrow range of 0.6550-0.6575 during the Asian trading session. A stronger US Dollar (USD) discourages investors and generates resistance for the pair. AUD/USD is trading at approximately 0.6565 at press time, a decrease of 0.02% for the day.

The two-day Federal Open Market Committee (FOMC) meeting commences on Tuesday, and it is not anticipated that anything will change. The statement will provide market participants with insight into when rate cuts might commence the following year. As indicated by the CME FedWatch Tool, the markets have factored in a 25 basis point (bos) reduction in interest rates as early as March of the following year and have priced in the FOMC maintaining the rate between 5.25% and 5.50% at its December meeting.

Tuesday will be dominated by the Consumer Price Index (CPI) report for November in the United States, which may provide clues about future monetary policy directions. It is anticipated that the monthly rate of inflation will increase by 0.1% month-over-month, whereas the annual rate will decline from 3.2% to 3.1%. In conclusion, it is anticipated that the annual core inflation rate will persist at 4.0%.

The Reserva Bank of Australia (RBA), conversely, maintained the official cash rate at 4.35% during the previous week, but left the door open for further rate increases should inflation persist. Since February, consumer confidence in Australia has increased to its greatest level since the RBA's decision to maintain interest rates. The ANZ-Roy Morgan Australian Consumer Confidence survey recorded an increase from 76.4 to 80.8 for the week.

Michele Bullock, governor of the RBA, is scheduled to speak at an engagement during the Asian session on Tuesday. The Australia Westpac Consumer Confidence survey and the National Australia Bank's Business report will also be monitored by traders. The US CPI and FOMC meeting will be the focal point of the US agenda. The AUD/USD pair might obtain a distinct direction from these occurrences.