Aussie Dollar Hits Nine-Week Low Amid Inflation Data Miss

The Australian dollar reached a nine-week low on Wednesday due to inflation data coming in under forecasts. This led markets to increase the odds of another rate hike, at least in the near term.

The marginal miss gave speculators an excuse to sell the currency after three straight weeks of declines. The Aussie eased 0.3% to $0.6963, resulting in losses of 2.8% this month.

The next support levels are at $0.6922 and $0.6866. This marks a rough end to the month for the currency, which has struggled despite recent economic indicators improving.