AUDUSD: Support at 0.7550/0.7530, resistance at 0.7624/0.7680

With a lack of any significant economic data yesterday, the markets were fairly quiet. However it may have just been the calm before the storm as there is a significant amount of tier one economic data in the coming days with which markets could react off. There is also the ramping up of earnings season to consider in the US. Wall Street closed yesterday slightly lower with the S&P 500 down 0.5%. Some of the big guns start to report earnings today, with the first of the big banks, JP Morgan and Wells Fargo due to announce, whilst tech giant Intel is also due. In Asian trading, once again the numbers were fairly mixed with the Japanese Nikkei 225 flat, whilst the Hong Kong Hang Seng dropped back after 8 consecutive positive sessions. The European markets have also opened slightly weaker.
In forex trading, there was a slight move against the dollar yesterday afternoon, whilst today is a touch more mixed. The euro remains under corrective pressure, but the Japanese yen continues its strength in the wake of hawkish comments from a government advisor close to Prime Minister Abe. Gold and silver came under dome corrective pressure yesterday and this has continued today.
There are some key economic releases for traders to really focus on today, kicking off with UK CPI at 0930BST. The expectation is for the number to again stay flat at zero, but any dip back into deflation would put pressure on sterling. There is also the US Producer Price Index at 1330BST which is expected to continue to decline, back to -0.8%. The US Retail Sales will be the key data of the day though at 1330BST. The data has disappointed for the past three months but March’s number should be clean of weather related issues that could mitigate the weaker data. This will have an impact across the dollar pairs.