Aussie Dollar Slumps on Soft June Inflation Data

The Australian dollar saw a decline against major currencies in the Asian session on Wednesday following the release of soft consumer inflation figures for June. The data from the Australian Bureau of Statistics showed that Australia's Consumer Price Index (CPI) grew by 3.8 percent year over year (YoY) in June, down from the 4 percent growth recorded in May.

The market had forecasted a 4 percent increase in consumer prices for the previous month, but the actual figure came in lower than expected.

This development has led to a weakening of the Australian dollar against other major currencies.