AUD/USD Bounces From April Lows After Soft Australian CPI
The Australian dollar edged higher against the US dollar on Wednesday after softer-than-expected Australian consumer inflation data, recovering slightly from its lowest level since early April near 0.6900.
The AUD/USD pair attracted some buying interest during Wednesday’s Asian session following the release of softer Australian consumer inflation figures. The move partially reversed the previous day’s decline that pushed the pair to the 0.6900 mark, its lowest level since early April.
Despite the bounce, the Australian dollar remains under pressure and is hovering near those April lows. Traders appear hesitant to commit to a sustained rally, awaiting further clarity on the inflation outlook and the Reserve Bank of Australia’s policy stance.
The mixed nature of the CPI report may keep the pair range-bound in the near term, with the 0.6900 level serving as key support.
Source: FXStreet Forex News