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Australian dollar holds early recovery near 0.6970 versus US dollar

The AUD was down 0.19% on the day, with bids reported near 0.6958 after August CPI data reinforced expectations for further RBA rate hikes.

Reported · Written up by our desk · Major Pairs

The Australian dollar held on to an early recovery around 0.6970 against the US dollar during European trading on Wednesday, according to FXStreet. The pair was still down 0.19%, with the AUD changing hands near that 0.6970 level.

FXStreet said the Aussie pair drew bids near 0.6958 after the release of August Australian Consumer Price Index data, which the outlet said could strengthen expectations for additional interest rate hikes by the Reserve Bank of Australia in the near term.

FXStreet added that the RBA has already raised rates by 100 basis points to 4.6% so far this year, and that the latest inflation data highlighted the rationale for further tightening in the view of analysts cited by the outlet.

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