AUD/USD Extends Losses as Traders Await China CPI Data

The Australian dollar extended its losing streak for a second consecutive session during Asian trading on Wednesday, with AUD/USD hovering around the 0.7020 level. The move lower comes as traders position ahead of key inflation reports from China, Australia's largest trading partner.

Later in the session, China is set to release its Consumer Price Index (CPI) and Producer Price Index (PPI) figures for May. The data will be closely watched for clues on domestic demand and price pressures in the world's second-largest economy, which can influence trade flows and commodity prices affecting the Australian dollar.