Home›Forex›Major Pairs›AUD/USD slips toward 0.6950 after softer Australian CPI

AUD/USD slips toward 0.6950 after softer Australian CPI

FXStreet cited Australian CPI data as weakening expectations for further Reserve Bank of Australia rate hikes, keeping the pair near two-month lows around 0.6950.

Reported · Written up by our desk · Major Pairs

FXStreet reported that AUD/USD was trading near two-month lows around 0.6950 during the Asian session on Wednesday.

The outlet attributed the move to August Australian underlying CPI coming in below expectations, which it said weighed on market expectations for further RBA interest rate hikes.

FXStreet also noted that Chinese PMI data failed to provide support for the Australian dollar, leaving AUD/USD pressured.

In a separate note within the same piece, BNY Mellon’s Americas Macro Strategist John Velis argued that an upcoming PCE revision is likely a technical adjustment and not a change to the broader US inflation narrative, though that point was not tied directly to the AUD/USD level in the report.

More like this

Sources