AUD/USD hits fresh weekly lows sub-0.7100

By FXStreet AUD/USD came under renewed pressure and hit fresh weekly lows at the beginning of the New York session as the greenback picked up pace across the board following better-than-expected US CPI data.

US consumer price index was flat in January after falling 0.1% the previous month, while excluding the volatile food and energy categories, the so called core CPI rose 0.3%, the largest monthly increase since August 2011. Both the headline and the core indexes were above expectations of -0.1% and +0.2% respectively.
AUD/USD broke below 0.7100 and fell to a 1-week low of 0.7069 before finding support. At time of writing, AUD/USD is trading at 0.7075, down 1.12% on the day.

The Aussie was already trading lower before US data gave greenback a boost, weighed by RBA Board Member John Edwards’ comments that the AUD is too high.
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Source:: FX Street