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AUD/USD attempts to create a cushion around 0.6850 on upbeat Aussie Retail Sales data

  • AUD/USD will probably display a short-lived pullback on better-than-expected Aussie Retail Sales data.
  • Aussie Retail Sales have landed at 1.3% vs. the consensus of 0.3%
  • The DXY has refreshed its two-decade high at 109.32 on soaring risk-off.

The AUD/USD pair has sensed buying interest near 0.6850 because the Australian Bureau of Statistics has reported upbeat Retail Sales data. The economic data has landed at 1.3%, greater than the consensus and the last release of 0.3% and 0.2% respectively.

The investing community should become aware of the truth that the Australian economy is facing the wrath of soaring inflation. Price pressures in the Australian economy reach to 6.1%, which indicates that the households in the Aussie area already are making higher payouts for similaror with limited changes in quantity purchased. The Retail Sales data is upbeat also it could possibly be stated that the entire demand is accelerating in the Australian economy.

On the dollar front, the US dollar index (DXY) is advancing firmly on soured market sentiment. After preferring inflation fix over lower growth forecasts by the Federal Reserve (Fed), the risk-off market mood has underpinned the DXY. The DXY is likely to recapture its two-decade high, recorded on July 14 at 109.29.

Taking into consideration the necessary fundamental concepts, your choice of fixing inflation chaos foremost instead of delighting the optimism seems mature. THE UNITED STATES inflation rate is skyrocketing, and a one-time exhaustion signal isn’t enough to supply a sit-back and relaxed situation for Fed policymakers.

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