US inflation expectations rose again

The latest data from the New York Fed showed that US consumer inflation expectations for 2023 increased to 5.9% in October from 5.4% in September, after three consecutive months of a slowdown. The median expected change in gas prices rose by 4.3% to 4.8%, the biggest one-month jump on record. Expectations about year-ahead price changes rose by 0.7% for food (to 7.6%) and 0.1% for rent (to 9.8%). The median expected change in the cost of medical care was unchanged at 9.2%, while the median expected change in the cost of college education declined by 0.4% to 8.6%. Meanwhile, median home price growth expectations were unchanged at 2.0%, the lowest reading since July 2020.

AUDUSD pair is testing the key resistance zone around 0.6700 which is marked with previous price reactions and downward trendline. Should a break higher occur, an upward move may accelerate towards the next major resistance at 0.6900. On the other hand, if sellers manage to regain control, then another downward move towards support at 0.6475 may be launched. Source: xStation5