Australian Dollar Slides After CPI Data; How Much More Downside in AUD/USD? Read JaradiManish’s analysis here 👇
The Australian dollar dropped after Australia's monthly CPI indicator showed price pressures moderated more than expected last month which could lessen the need for aggressive interest rate hikes by the Reserve Bank of Australia .
Australia's May month CPI came in at 5.6% on the year, compared with the 6.1% forecast, down sharply from 6.8% in April. Odds of aby the RBA in July have scaled back slightly after the data release. RBA unexpectedly hiked interest rates by 25 basis points earlier this month and said some further tightening may be required in its determination to return inflation to its target.
US Core PCE Price Index is forecast to have remained flat in May at 4.7% on the year but probably softened a bit on a monthly basis to 0.3% from 0.4%. Headline PCE Price Index is expected at 3.8% on year compared with 4.4% in April. If the on-month data is in line or lower than expectations, it could weigh on theChart Created by Manish Jaradi Using TradingView
Meanwhile, US Fed Chair Jerome Powell is due to speak later Wednesday at the European Central Bank Forum, which may not be much different from his testimony last week. He will be joined by Bank of England Governor Andrew Bailey, European Central Bank President Christine Lagarde, and Bank of Japan Governor Kazuo Ueda. Powell is likely to persist with the hawkish rhetoric given stubbornly high inflation.
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