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Pressure Extends After CPI Falls More Than Expected

AUD

AUD/USD is down ~0.9% last printing at $0.6620/30 after May CPI fell to 5.6% Y/Y, a print of 6.1% had been expected, the prior read was 6.8%.

  • The pair was down ~0.3% before the print as weakness in US equity futures weighed.
  • Support $0.6627, 61.8% retracement of May 31 to Jun 16 rally, was breached before the pair pared losses. The next support level is $0.6610 the Jun 6 low.
  • AUD/NZD is down ~0.4% and deals a touch above the $1.08 handle.
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