AUD/USD edges higher to 0.6660 as US Dollar eases ahead of US core PCE Inflation

The AUD/USD pair is slightly higher at 0.6660 in Thursday’s European session.

AUD/USD finds bids near 0.6625 but remains sideways for more than a week. The US core PCE inflation for May will guide the next move in the US Dollar. Hot Australian CPI boosts prospects of more rate hikes by the RBA . The Aussie asset finds modest buying interest as the US Dollar edges down with United States core Personal Consumption Expenditure Price Index data for May in focus, which will be published on Friday. Broadly, the Aussie asset has been oscillating in the range of 0.6625-0.

Meanwhile, traders have priced in two rate cuts this year and see the Fed choosing the September meeting as the earliest point to begin lowering interest rates. However, Fed policymakers singled out only one rate cut this year in the latest dot plot. On the Aussie front, higher-than-expected growth in price pressures has prompted expectations of more rate hikes by the Reserve Bank of Australia .

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