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AUD/USD backs away from a new interim high above 0.6800
Earlier today the latest Australian CPI data came out slightly above forecasts, rising by 3.5% on an annualised basis. The markets had been expecting a lower rate of 3.4%. So, whilst that was above forecasts, it was still below the prior reading of 3.8%, which remained unrevised. The AUD/USD had recently tested and matched the July 11 high at 0.6799, but had not been able to make further progress, despite remaining close to that level. The AUD/USD closed in the US last night at 0.6793. This CPI news delivered a sharp, yet contained spike to a new interim high, at 0.6813. However, that move was over almost before it begun and since then the AUD/USD has fallen back to a low at 0.6783. So, whilst there is potential for another rebound, it is also possible this was a false break on the topside. The AUD/USD is currently trading at 0.6785
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