Australia’s consumer inflation expectations rose to 4.4% from 3.5% the prior month. The data represents a broader theme across markets as consumers face rising prices, driven by rising prices at the factory gate. Major building materials, including copper, iron ore, and lumber, have all seen significant gains through the pandemic. The risk-sensitive Australian Dollar climbed overnight after the sharp turnaround in Treasury yields dragged the US Dollar.
A bullish crossover above the 20-day SMA from the rising 50-day SMA appears to be on the cards in the coming days.MACD looks to be gearing up to move above its signal line, a bullish sign.
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