The Australian Dollar (AUD) remains steady against the US Dollar (USD) on Wednesday after registering more than 0.50% gains in the previous session. The AUD/USD pair moves little following the release of the Consumer Price Index (CPI) data from China, Australia's close trading partner.
China's Consumer Price Index climbed 0.1% year-over-year in June after declining 0.1% in May. The market consensus was 0% in the reported period. Meanwhile, the monthly CPI decreased by 0.1% against the expected 0% reading. Moreover, Producer Price Index (PPI) fell 3.6% YoY in June, following a 3.3% decline in May. The data came in lower than the market consensus of 3.2%.
The AUD/USD pair appreciated as the Reserve Bank of Australia (RBA) Governor Michele Bullock said in a post-meeting conference that inflation risks persist due to elevated unit labor costs and weak productivity, which could push inflation above forecasts.
RBA Governor Bullock also added that the full effects of previous rate cuts of 50 basis points have yet to be realized. She mentioned that more data and developments will be available by the next meeting. On Tuesday, Australia's central bank left the Official Cash Rate (OCR) unchanged at 3.85%, against the highly anticipated 25 basis point rate cut in July.
RBA Deputy Governor Andrew Hauser stated early Wednesday that the global economy is facing an enormous amount of uncertainty. Hauser expressed surprise at how markets are shrugging and moving on. He also added that tariff effects on the global economy are profound and are likely to weigh on growth.
Source: FXStreet
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