Following an above-average monthly high-low range in June, AUD/USD had a below average July, encompassing a 2.96 cents range with a low of 0.6599 on July 6 and high of 0.6895 seen on both July 13 and 14. Early June softness in all things AUD reflected a combination of a generally stronger USD, aided by some better-than-expected economic data prints (e.g. the ISM Services rising to 53.9 from 50.3) in contrast to weaker incoming economic news from China (Caixin Services PMI 53.7 from 57.1). USD strength reversed course a little later in July, taking AUD/USD to its highs just shy of 0.6900, after US June CPI (and PPI) ... (full story)