Australia Monthly CPI flags concerns about RBA’s rate hike pause while US data underpins hawkish Fed bets
s’ speeches at the European Central Bank Forum in Sintra. That said, the Aussie pair nosedived 50-pips to 0.6618 after Australia’s Monthly Consumer Price Index lured bears, down 0.75% on a day to around 0.6635 amid early Wednesday in Europe.
Australia’s Monthly Consumer Price Index for May drops to 5.6% YoY versus 6.1% expected and 6.8% prior. The same amplifies concerns about the Reserve Bank of Australia’s pause in the rate hikes after two consecutive hawkish surprises, which in turn drowns the Australian Dollar . It should be noted that the improvement in China Industrial Profits for May, -12.6% YoY versus -18.2% prior, appeared to have put a floor under the AUD/USD price after the Aussie inflation data.
Elsewhere, the fresh fears surrounding the US-China tension, due to the Wall Street Journal news suggesting more AI curbs for companies from Beijing, join the upbeat US data to weigh on the AUD/USD price.concerns, due to the Aussie inflation, the markets place heavy bets on the Fed’s 0.25% rate hike as the latest round of the US statistics have been upbeat, which in turn keeps the Aussie pair sellers hopeful of witnessing further downside.
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