The Australian dollar underperformed through trade on Tuesday, slipping back below 0.7750 and touching intraday lows at 0.7734. There appears no obvious catalyst for the shift in direction as price action across financial markets remained muted with investors apparently content in treading water ahead of tomorrow’s all-important US CPI print. Commodity currencies, in general, underperformed on Tuesday, despite a broader strengthening in commodity prices. The Bloomberg commodity index advanced 0.6%, closing in on a 6-year-high, yet the AUD, CAD, and NZD all tracked lower. A possible explanation could be sustained inflation fears ahead of key inflation data. Rising commodity prices have been a key component in accelerating a rise in input costs and a subsequent flow on into consumer price rises. Fears higher commodity prices will continue to spill over and fuel ongoing inflationary pressures are beginning to weigh on short-term risk appetite and dampen demand for the AUD.
The attentions remain squarely affixed to US CPI data as the key catalyst driving direction this week.
AUD/CAD Short (Sell) ENTER AT: 0.934496 T.P: 0.926511 S.L: 0.941447
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