Three Currencies to Watch This Week
We prepared an outlook of major events of this week. Check it and be ready!
Is AUD on Its Path to Strength?
What will happen?
The Australian Bureau of Statistics will announce the Consumer Price Index (CPI) on Wednesday, July 27, at 04:30 MT. This quarterly release is a major release. It shows the change in the price of goods and services purchased by consumers.
Possible AUD moves
The previous release’s result was 2.1%, better than expected. AUDJPY started to go up several hours before the release and continued after the figures came out. The total growth was 1.30%. If you traded one lot, your potential profit could have been $1168.
How to trade on the Australian CPI release?
AUDUSD is probably not the best pair to choose for trading this time, as the US dollar is too strong now. Other pairs with the AUD can move more interestingly.
- If the results beat the expectations, the Aussie dollar will strengthen.
Check the Economic Calendar.
Instruments to trade: EURAUD, AUDCHF, AUDNZD, AUDJPY.
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