AUD/USD Slides to 0.6280 on Risk-Off Flows Ahead of US CPI
AUD/USD has declined 0.6% to 0.6280 as risk-off sentiment grips markets ahead of crucial US inflation data. The Australian dollar faces dual pressure from sliding equity markets, with S&P 500 futures down 1.2%, and rising safe-haven demand boosting USD and JPY. Iron ore prices dropping 2.5% to $102/ton further undermines AUD support, reflecting concerns about Chinese demand. Technical analysis shows the pair breaking below the 0.6300 psychological support, opening the path toward 0.6250 (December low). Resistance now stands at 0.6320 (broken support turned resistance). Markets await US CPI data due later today, with expectations for a 0.3% monthly increase. A higher-than-expected reading could accelerate AUD/USD losses toward 0.6200, while a soft print might provide temporary relief. The RBA's relatively hawkish stance offers limited support amid prevailing risk-off conditions.
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