- AUD/NZD fails to cheer better than forecast China CPI.
- Doubts surrounding US-China trade deal, dovish RBA minutes keep a tab on pair’s upside.
- Key statistics from New Zealand, Australia awaited for fresh clues.
Although China’s inflation statistics refrain from disappointing Antipodeans, AUD/NZD stays below near-term key resistances line while taking rounds to 1.0750 during early Tuesday.
September month Consumer Price Index (CPI) from China rose past-2.9% forecast to 3.0% on YoY while also crossing 0.7% MoM expectations with 0.9% level. However, the Producer Price Index (PPI) met market consensus of -1.2% Year-on-Year figure versus -0.8% previous readouts.
In addition to the key inflation numbers, the upbeat USD/CNY reference rate by the People’s Bank of China (PBOC), to 7.0708 from 7.0725, also flashed positive signals for the commodity-linked currencies.
However, recently published minutes of the Reserve Bank of Australia’s (RBA) October month monetary policy meeting flashed dovish signals that join doubts over the US-China trade deal to keep disappointing pair buyers.
Moving on, Wednesday’s third-quarter inflation data from New Zealand and Thursday’s Australian employment statistics will be the key for pair traders to watch.
Unless breaking the three-week-old falling resistance line, at 1.0770 now, prices are less likely to aim for monthly top nearing 1.0810, needless to mention about the yearly high close to 1.0850. As a result, a 21-day exponential moving average (EMA) level of 1.0720 will be on sellers’ radar ahead of 1.0700 and last week’s bottom surrounding 1.0640.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.