The Australian Dollar weakened against its American counterpart after the official report released by the Australian Bureau of Statistics showed that the country’s consumer inflation growth slowed in the second quarter. At the moment of the data release, the AUD/USD currency pair fell by 0.16% to hit the 0.7900 level. The Consumer Price Index weakened to 0.2% in the Q2, missing expectations for a 0.4% expansion, as lower prices of oil and reduced travel and accommodation costs undercut the pace of growth. The Reserve Bank of Australia expressed doubts that inflation would reach its 2% target in the foreseeable future, suggesting keeping interest rates at the same level this and next year.
