Stuck Within Recent Ranges Amidst Mixed Cross Asset Signals, RBA Speak, Monthly CPI Out Today

The G10 currencies faltered against the USD as Tuesday trade unfolded, although overall moves were fairly modest for the most part. AUD/USD sits near 0.6645 in early Wednesday dealings, slightly up from US lows around 0.6635. The currency lost 0.15% for Tuesday's session, broadly tracking USD trends (the BBDXY rose 0.16%).

• More broadly the AUD remains stuck comfortably within recent ranges, awaiting fresh cues to test either side of 0.6600/0.6700.
• Cross asset sentiment didn't provide a clear signal for the A$ through Tuesday trade. Aggregate commodity indices were down, the headline Bloomberg index off more than 1%, as oil prices fell. The metals index down 0.45%.
• US equity sentiment was better though, with the Nasdaq up 1.26%, leading the recovery. US nominal yields finished marginally higher (1-2bps across the benchmarks), with spillover from stronger Canadian core evident. Still, the real 10yr US yield is wedged close to 2.0%, around recent lows.
• Locally today, we have the RBA's Kent speaking (9:30am AEST), with the subject being "Restrictive Financial Conditions in Australia". Also out is the monthly CPI print for May, the market expects a 3.8%y/y outcome (prior was 3.6%).
• In the option expiry space, note the following for NY cut later: $0.6620-30(A$656mln), $0.6660(A$708mln).