The Australian Dollar dropped during the North American session after the latest US Consumer Price Index (CPI) report, which witnessed an uptick in prices.
AUD/USD pulls back as US CPI report indicates core inflation steady at 3.2% YoY, dampening prospects for a 50-bps Fed rate cut. Money market futures now forecast an 85% likelihood of a 25-bps rate cut at the next Fed meeting. RBA Assistant Governor notes the Australian labor market is tight yet balanced, with the AUD poised for further US data releases this week.
Earlier in the Asian session, Reserve Bank of Australia Assistant Governor Sarah Hunter delivered hawkish-tilted remarks, saying the labor market remains tight relative to full employment, but has moved into better balance since late 2022. Hunted stated the economy is moving through a turning point. What to watch? The Aussie economic docket will be empty for the remainder of the week.
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