AUD/USD Ticks Higher Ahead of Aussie Inflation Data
The Australian dollar (AUD) has been trading within a relatively narrow range on Tuesday, hovering between 0.71425 and 0.7159.
This range is slightly above Monday's low of two pips, indicating some stability in the market.
The AUD/USD pair had reached its peak at 0.7180 last Friday, which also coincides with a 76.4% Fibonacci resistance level.
Australia's inflation data for July is scheduled to be released at 0130 GMT, and economists are forecasting a year-over-year (YY) Consumer Price Index (CPI) of 3.3%, with the trimmed mean forecast at 3.5%. A higher-than-expected reading could lead to a strengthening of the AUD.
The Reserve Bank of Australia's (RBA) minutes from their August 11 meeting revealed that policymakers had debated raising interest rates before ultimately deciding on a unanimous hold.