AUD/USD receives support as hot inflation data fuel speculation that the RBA may raise rates in August. Australia’s Consumer Inflation Expectations rose to 4.4% in June from May's 4.1%, indicating ongoing cost pressures. US GDP Annualized is expected to increase 1.4% from the previous growth of 1.3%. The Australian Dollar is supported against the US Dollar due to heightened inflation concerns, fueling speculation that the Reserve Bank of Australia might raise interest rates again in August.
Headline inflation is usually expressed as a percentage change on a month-on-month and year-on-year basis. Core inflation excludes more volatile elements such as food and fuel which can fluctuate because of geopolitical and seasonal factors. Core inflation is the figure economists focus on and is the level targeted by central banks, which are mandated to keep inflation at a manageable level, usually around 2%.
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