Forex
AUD/USD Rangebound Ahead of US CPI Data Release
The AUD/USD pair has been trading in a consolidative price move for three consecutive days, hovering around the mid-0.7000s level on Wednesday's early European session.
The Reserve Bank of Australia's hawkish outlook continues to support the Aussie, but a modest US Dollar keeps a lid on the currency pair.
The USD Index (DXY) preserves its weekly gains as inflation risks stemming from volatile oil prices back the case for at least one rate hike by the Federal Reserve (Fed).
From a technical perspective, spot prices have been struggling to break out through the 50% Fibonacci retracement level of the May-June decline.