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Title: AUD/USD claws its way back to 0.7000 as dollar lags on the day

May 11, 2022 05:49AM ET

By: AnalysisWatch

It looked like the currency pair was heading into a downward spiral, but a reversal is now emerging ahead of the U.S. consumption tax report later today.

The dollar is trading lower across the board, with losses extending in European morning trading. At the same time, equity prices are rising and bond yields are also climbing lower. Are we on track for an inflation peak?

AUD/USD has climbed back up to 0.7000, and a weekly hold above that level would do buyers at least some good.

In terms of near-term technicals, the 100-hour moving average at 0.7032 is the key level to watch ahead of the release of key data later today.

For now, it's the dollar that's lagging as we see the markets reverse some of the moves from the beginning of the week.

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