RBA Hauser comments a possible headwind for AUD longs ...Middle East

The AUD got a decent boost this week after hotter-than-expected CPI data for May which showed the weighted YY measure print at 4.0% and the CPI YY SA gauge jump to 4.1%.As a result of the beat markets repriced quite aggressively on the rate expectations side, with probabilities for a hike in one of the upcoming meetings moving higher across the board.Below we can see the sharp climb in the expected rate path for the RBA at the time (versus a week and a month ago).However, despite the rate repricing the AUD gave up some of the gains yesterday following comments from RBA's Hauser.Why did we see this reaction, and what does it mean for the RBA and the AUD heading into the next meeting and upcom

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