AUD Slips Back From Recent High on Soft US Inflation Print

The Australian Dollar (AUD) has slipped back from its recent high near 0.7091, trading at around 0.7055 on Thursday.

This decline comes after a soft US inflation print, with the US Producer Price Index (PPI) coming in flat for July, below expectations.

The PPI's flat reading cooled bets on further Federal Reserve tightening and pressured the Greenback, with the Dollar broadly lower.

Cleveland Fed President Beth Hammack repeated her call to raise rates, saying the Fed needs 'some restraint from monetary policy to bring down inflation' and that policy is not currently restrictive.