Author: Dennis Li
As the Trump administration reached out to China for a new round of trade talks, we saw the Aussie rally broadly against major currency pairs overnight. The AUDUSD gained almost 100 points overnight, up by 1.13% while the AUDEUR bounced up above key support of 0.6150. AUDCNY and AUDGBP were also up by nearly 1% overnight respectively.
Despite the surprise dip in US producer prices data (PPI), overall inflation is steadily rising and the Fed is on track for the third rate hike later this month. Meanwhile the ECB and Bank of England are both holding a policy meeting on Thursday and are widely expected to leave interest rates unchanged.
US CPI tonight and Australian employment data today at 11.30am.
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