Forex
AUD/USD Stabilizes Near Recent High Amid Cooling Price Pressure
The Australian Dollar has stabilized near its recent high of 0.7091, trading at around 0.7055 on Thursday after a series of US economic data releases pointed to cooling price pressure.
US Producer Price Index (PPI) figures for July showed no month-over-month change, which was below expectations, and the annual pace eased along with core measures.
This tempered expectations of further Federal Reserve tightening, causing the US Dollar to lose ground across the board.
Cleveland Fed President Beth Hammack reiterated her call for interest rate hikes, stating that some monetary policy restraint is needed to combat inflation.