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IPC Index — Mexico Market
- AUD/USD softens to around 0.7250 in Thursday’s Asian session.
- US producer prices surprise with the largest rise in four years.
- Trump will hold a high-stakes meeting with Xi Jinping in China.
The AUD/USD pair loses ground to near 0.7250 during the Asian trading hours on Thursday. Hotter-than-expected US inflation data provide some support to the US Dollar (USD) against the Australian Dollar (AUD). Traders will closely monitor the US President Donald Trump-Chinese President Xi Jinping summit in Beijing, and the release of the US April Retail Sales data later on Thursday.
US producer prices posted their biggest increase in four years in April, underpinning the Greenback. Data released by the US Bureau of Labor Statistics on Wednesday revealed that the US Producer Price Index (PPI) jumped 6.0% YoY in April, compared to the 4.3% prior. On a monthly basis, the PPI inflation rose to 1.4% in April from 0.7% in March and much higher than the estimate of 0.5%.
Traders will take more cues from the US Retail Sales report on Thursday. The market expects the Retail Sales to show an increase of 0.5% MoM in April, compared to 1.7% in March. Any signs of hotter inflation reports could boost the USD and act as a headwind for the pair.
Bloomberg reported on Wednesday that Trump arrived in Beijing for a state visit to China, where he will meet with Xi Jinping to discuss topics including trade and the Iran war. This is the first state visit to China by a US leader in nine years. Any positive developments surrounding the US-China talks could lift the China-proxy Aussie as China is a major trading partner to Australia.
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