In this video, Eric Walkington presents his take on the recent Aussie Dollar moves.

The AUD/USD wobbles around mid-0.7800s, after posting mild daily gains, as traders embrace for the key US Consumer Price Index on Wednesday. The Aussie pair begins the key day within the latest choppy range between 0.7835 and 0.7850, also comprising a brief move touching 7819 and 0.7857. Not only the pre-event cautious sentiment but a lack of major data and mixed response from the recent catalysts also test the quote’s moves.

Aussie budget for 2022-22 fiscal year, published on Tuesday, stayed on course to heavy spending, as expected. The important point was that the government expects inflation to cross 2.0% in 2022-23, which in turn suggests no challenges for the RBA, at least for now.

AUD/USD remains inside the key 0.7820-7900 area, comprising late April tops and February levels respectively, with oscillators suggesting bullish momentum.

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