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AUD/USD closed higher on Tuesday, even as higher U.S. inflation spurred hawkish comments from Federal Reserve Chairman Jerome Powell. After the Asian market opened on Wednesday, AUD/USD was trading at 0.6624, almost unchanged.
AUD/USD holds above 0.6600 as markets await Australian Wage Price Index.
Federal Reserve Chairman Powell spoke after releasing the Producer Price Index (PPI). Federal Reserve Chairman Jerome Powell said that although inflation is expected to continue to decline, he is less confident about the prospect of deflation than before. Powell also noted that gross domestic product (GDP) is expected to grow by 2% or more and attributed the positive forecast to a strong labor market.
