The AUD/USD is falling sharply on Tuesday amid a stronger US Dollar and a mixed market sentiment. The pair is trading at 0.6627, the lowest level since April 11. It is testing a relevant support area at 0.6630.
AUD under pressure ahead of Australian inflation
The AUD/USD started to decline on Asian hours, as Iron one prices continued to sink. After a pause, the pair resumed the decline amid US Dollar strength. The US Dollar Index is up by 0.50%, above 101.80, about to test Monday’s highs.
The Greenback is rising even as US yields decline. Such behavior reflects more demand for safety. In Wall Street, stocks are falling with the Dow Jones down 0.39% and the Nasdaq 1%, amid mixed US data and renewed banking concerns.
US data released on Tuesday showed an increase in the S&P/Case-Shiller Home Price Index in February of 0.4% from a year ago; a 9.6% surge in New Home Sales in March and a decline to six-month lows in CB Consumer Confidence in April.
On Wednesday, Australia will report inflation data. The consensus is for the Consumer Price Index to have risen 1.3% in the first quarter; and for the annual rate to decline from 6.8% in February to 6.6% in March. Those numbers will be relevant ahead of next week’s Reserve Bank of Australia meeting.
Testing 0.6630
The AUD/USD bottomed at 0.6627. It is testing levels below the 0.6630 support area. A consolidation below that zone would expose 0.6600. A break lower would target the March low at 0.6560.
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