Ikon Forex: The forex rate of AUD/USD fell to above 0.9000 early in the forex market

Ikon Forex – Early in the Asia forex market on Wednesday July 28, the forex rate of AUD/USD fell to above 0.9000 and got an adjustment there, and in the previous night the highest point of the forex rate AUD/USD was at 0.9068.
The US Consumer Confidence Index (CCI) performed weak in the forex market and the US stock market surging trend decreased; three major stock indexes were mixed. On the other hand, Australia released its second quarter CPI index at 09:30 on Wednesday Beijing time, and the forex market was quite cautious about this result. Therefore the forex rate of AUD/USD fell from the high point in the forex market.

And the previous expectation of the Australian CPI index in the second quarter of the year which was made on Monday July 26 made the forex brokers pay more attention on the CPI index in the forex market and quite cautious about that.

Some forex analysts said the Australian CPI index would be a key element for the forex brokers to decide whether the Australian RBA would continue to take the appreciation in the forex market. Without the support of the expectation of the appreciation in the forex market, it would be quite difficult for the forex rate of AUD/USD to be maintained above 0.9000, and the target would be set at 0.8870; but if the Australian CPI index was higher than the previous expectation, the forex rate of AUD/USD might surge up to above 0.9100 in the forex market.

The forex rate of AUD/USD was at 0.9011/15 at 07:47 Beijing time.

Edited by laula.