AUD/USD declines to 0.6930 after TD-MI Inflation Gauge data
The AUD/USD currency pair lost ground following the release of TD-MI Inflation Gauge data, which came in at -0.4% month-over-month.
The data release occurred amidst traders weighing hawkish interpretations of the Reserve Bank of Australia’s June Meeting Minutes.
Major Australian banks noted that the RBA remains highly concerned about sticky inflation, with the Commonwealth Bank of Australia pointing out persistent excess demand and capacity constraints.
The US Dollar holds its ground, buoyed by market expectations of multiple Federal Reserve rate hikes later this year, with a 77.3% chance of interest rate hikes by year-end.