The Australian dollar edged higher to above $0.651 on Wednesday, ending its four-session losing streak, as a weaker US dollar outweighed soft domestic inflation figures. The greenback eased ahead of the Federal Reserve's policy decision, with expectations for a rate hold, though markets remained cautious about any signals hinting at a possible cut in September.
In Australia, consumer prices rose at the slowest pace in over four years in Q2, with headline CPI at 0.7% QoQ and 2.1% YoY, and core inflation easing to a three-year low of 2.7% YoY—both below forecasts and within the RBA's 2–3% target range.
The weaker inflation print reinforced dovish expectations, and markets have now fully priced in a 25 basis point rate cut at the RBA's August meeting.
On the trade front, caution lingered as US Commerce Secretary Howard Lutnick ruled out any delay to President Trump's Friday tariff deadline, while separate talks with China ended without progress on delaying additional tariffs.
Source: Trading Economics
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