MI Inflation Expectations rose to 3.4%

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Thursday, Jul 16 2015

From Australia, this morning, only minor importance MI Inflation Expectations data was released. The expected inflation rate (30-per-cent trimmed mean measure), reported in the Melbourne Institute Survey of Consumer Inflationary Expectations, rose by 0.4 percentage points to 3.4% in July from 3.0% in June. Despite this, Aussie remains lower on soft commodity prices as well as yesterday's comments by Janet Yellen who said economic conditions will likely warrant a Fed's interest rate hike later this year.

In July, the proportion of respondents (excluding the ‘don’t know’s) expecting the inflation rate to fall within the 0-5% range decreased by 2.0 percentage points to 76.3%, following a large increase of 6.8 percentage points in June. The weighted mean of responses within this range rose to 2.6% from 2.3% in June owing to a shift in the distribution of responses towards the upper end of this range.

Aussie is currently being traded around 0.7350 level. Pair is likely to find support around 0.73 handle and resistance above 0.7380 area. Later today, in the US session, Unemployment Claims and Philly Fed Manufacturing Index data will be released.

More in this category: « Greek parliament passed a bailout agreement Unemployment Claims fell to 281,000 »

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