The Land Down Under…and Declining

The Australian Dollar came under pressure this morning from an uninspiring PPI report. National figures posted much more softly than expected at 0.0% versus the forecasted 0.6%. The currency market will wait until tomorrow’s CPI release to fully gauge inflationary pressures in the Australian economy, but today’s producer data coupled with this past Friday’s news on soft import prices appears to indicate that price increases may be moderating, allowing the Reserve Bank of Australia to remain neutral for the near term. In price action, the AUD/USD has fallen 50 pips from last night’s highs and is currently trading at .8325. Read More....