AUD/USD Pressured Below 0.6950 as Soft CPI Scales Back RBA Hike Bets
AUD/USD falls below 0.6950 after Australia's June CPI undershoots, with Societe Generale highlighting scaled-back RBA rate hike expectations.
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Societe Generale analysts highlighted that the Australian dollar is offered below the 0.6950 mark against the US dollar following the release of softer-than-expected June Consumer Price Index data.
The softer inflation print prompted a reassessment of the Reserve Bank of Australia's policy outlook, with market participants scaling back their expectations for another near-term rate hike. Consequently, the interest rate differential shifted against the Aussie, putting downward pressure on AUD/USD.
Source: FXStreet Forex News