AUD/USD Hits Four-Month Highs on Weak USD, Strong Chinese Inflation

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Summary · why it matters

The Australian Dollar resumed its uptrend on Wednesday, hitting fresh four-month highs at 0.7237 against the US Dollar, supported by a weak Greenback and stronger-than-expected Chinese inflation data. The AUD/USD pair later settled around 0.7220. Markets are now focused on Friday's US Consumer Price Index data, which economists at DBS say will be pivotal for next week's Federal Reserve meeting, with a 60% chance of a September rate hike priced in. However, Aussie rallies may be limited by Middle East tensions and rising oil prices, as Iran attacked a US Navy warship and an airbase in Jordan, and the US responded by hitting Iranian oil tankers in the Strait of Hormuz. Chinese consumer inflation bounced to 0.4% in August from a 0.1% contraction in July, beating expectations of 0.3%, while year-over-year CPI accelerated to 0.8% from 0.5%. Additionally, Reserve Bank of Australia Deputy Governor Andrew Hauser called for more action on inflation, leading Rabobank analysts to suggest markets are thinking of rate hikes this month and in November.

Impact on stocks 3

Others± Mixed · 3 stocks
％Effective Federal Funds Rate
EFFR
▼ NegativeMonetaryrelevance

Weak USD and expectations of Fed rate hike may be tempered by geopolitical tensions, but overall USD weakness suggests lower yields.

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