AUD/USD steadies despite rising US inflation, traders eye Aussie WPI
AUD/USD holds at 0.6624, resisting pressure from Powell's hawkish stance after US PPI rises 0.5% MoM. Higher April PPI fuels concerns over extended inflation; Powell's confidence in disinflation wanes, foresees 2% GDP growth. Australia's 2024-25 budget returns to deficit; ANZ cites fiscal easing of 0.25-0.5% GDP. Key Australian data ahead: Wage Price Index expected stable at 0.9% QoQ, 4.2% YoY.