AUD/USD pausing around two-week high

The AUD/USD is pausing around two-week high as markets eyed weak inflation trends in Australia. The TD Securities-Melbourne Institute (TD-MI) Inflation Gauge for Australia saw a year-on-year reading of 3.9% in June, down from 4.4% in May. This marks a sharp slide in the pace of price increases. The TD-MI Inflation Gauge is a monthly indicator that tracks the price movements of a basket of goods and services, providing an early read on consumer inflation trends. The inflation gauge fell 0.4% month on month in June, extending the pace of drop from a 0.3% fall in the previous reading. AUD/USD futures are quoting at 0.6920.

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