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USD Shrugs off Slowing Inflation, AUD Slides on AU Jobs Data

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The dollar traded higher against all but two of its G10 peers, despite the slower than expected US CPIs for May. Combined with the fact that the broader market sentiment remained subdued after Trump’s remarks that he is the one holding up a deal with China, this suggests that investors still see the greenback as a safe haven. The Aussie was the main loser, coming under selling interest after Australia’s employment report kept the door wide open for another RBA rate decrease soon.

USD Ignores Soft CPIs Amid Risk-off Trading

The dollar traded higher against all but two of the other G10 currencies on Wednesday and during the Asian morning Thursday. It underperformed slightly against JPY, while it was found virtually unchanged against NZD. The main losers were AUD, NOK and EUR in that order.

Yesterday, the main release we got from the US was the CPIs for May. The headline rate declined to +1.8% yoy from 2.0%, missing estimates of +1.9%. The core one ticked down to...

Read the full financial markets daily report on JFD Research.

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Source: https://www.jfdbank.com/en/research/usd-shrugs-off-slowing-inflation-aud-slides-on-au-jobs-data-20190613
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