AUD/USD Faces Crucial Test from RBA and US Inflation Data

The Australian dollar's six-week winning streak may be put to the test as the Reserve Bank of Australia (RBA) and US inflation data take center stage.

Following softer Q2 inflation, markets have priced out a near-term RBA hike, leaving the US dollar and incoming US data as key drivers for AUD/USD.

A weak CPI print could undermine Fed hike expectations and give the Aussie room to push higher, while a hotter result would support the US dollar and limit gains around 71c.