The AUD/USD pair surrenders some of its intraday gains after reaching to near 0.6690 in Wednesday’s European session.
AUD/USD loses some intraday gains as the US Dollar rises strongly. Aussie’s hot CPI report for May has prompted RBA rate-hike bets. Investors shift focus to the US core PCE Inflation report for May. The Aussie asset struggles to extend the rally inspired by the hotter-than-expected Australian monthly Consumer Price Index data for May. The data showed that price pressures grew at a robust pace of 4.0% from the estimates of 3.8% and the prior release of 3.6%.
The US Dollar Index , which tracks the Greenback’s value against six major currencies, jumps to near the crucial resistance of 106.00. On Tuesday, Fed Governor Michelle Bowman said interest rates need to remain high for some time to bring inflation under control. Contrary to Fed’s remarks on the interest rate outlook, market participants expect that the Fed will cut interest rates twice this year and will start the policy-normalization process from the September meeting.
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