AUD Weakens as Weaker Inflation Data Hits Expectations

The Australian Dollar (AUD) has weakened for a second consecutive session, trading near 0.6970 during Asian hours on Wednesday.

This decline comes after the release of Australia's June Consumer Price Index (CPI), which rose by 3.8% year-over-year but fell short of market expectations of a 4% gain and May's 4% reading.

The softer annual print has weighed on expectations for further domestic rate tightening, with the Reserve Bank of Australia's weighted median CPI rising 3.6% year-over-year in June.