The Australian dollar fluctuated in a narrow range tilted towards decline during the Asian session against the US dollar, following the developments and economic data that we followed about the Australian economy and on the cusp of developments and economic data expected today, Thursday, by the American economy, the largest economy in the world.
At exactly 03:44 am GMT, the Australian dollar pair fell against the US dollar by 0.03% to 0.7729 levels, compared to the opening levels at 0.7735, after the pair achieved its lowest level during the trading session at 0.7722, while it achieved its highest at 0.7735.
We have followed from the Australian economy the release of the Melbourne Institute reading of consumer expectations of inflation, which showed an acceleration of growth to 4.4%, compared to 3.5% last May, and this comes hours after the Assistant Governor of the Reserve Bank of Australia, Christopher Kent, expressed his surprise Economic recovery, however, wage growth remains low, adding that the lack of immigrants may lead to a slight rise in wages at the margins.
On the other hand, investors are waiting for the US economy to reveal inflation data with the release of the consumer price index reading, which may reflect a slowdown in growth to 0.4% compared to 0.8% in April, and the core reading of the same index may indicate a slowdown in growth to 0.5% compared to 0.9% The annual reading of the index may show an acceleration of growth to 4.7% compared to 4.2%, and the core annual reading may indicate an acceleration of growth to 3.4% compared to 3.0%.
This comes before we witness the release of the reading of the aid requests for the last week on the fifth of this month, which may reflect a decrease of 15 thousand requests to 370 thousand requests in the previous reading, and the continuous aid requests for the past week on May 29 may show a decline of 169,000 requests to 3,602 million requests, up to the Treasury's disclosure of the budget reading, which may show a widening of the deficit to $245.0 billion, compared to $225.6 billion in April.
The Australian dollar against the US dollar pair is trading below 0.7765, to keep the negative pressure valid on the intraday and short term, waiting for the resumption of the expected bearish trend on the intraday and short term, which depends on stability below the mentioned level, while its next target is at 0.7615.
The expected trading range for today is between support 0.7670 and resistance 0.7765