AUD/USD is trading little changed on Thursday, shrinking near the 0.7050s below the multi-week high reached on Wednesday near 0.7091. The pair holds its ground after US data pointed to cooling price pressure, keeping the US Dollar (USD) stagnant.
The US Producer Price Index (PPI) was flat on the month in July, coming in below expectations, while the annual pace eased and the core measures also softened. The prints trimmed bets on further Federal Reserve (Fed) tightening and dragged the Dollar broadly lower. A slightly higher-than-expected weekly Initial Jobless Claims reading added to the softer tone.
Cleveland Fed President Beth Hammack…
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