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A surprise to the downside in last week’s Q2 inflation data ensured that theAussie dollar ended at the bottom of the G10 FX performance tracker

The sell-off in high yielding currencies continued to batter the Australian dollar last week, which underperformed almost all of its major peers as the carry trade unwind took hold.

The soft second quarter GDP report out of China had a disproportionately large bearish impact on the Aussie dollar last week, as is typical given the close economic ties between the two countries.

AUD once again outperformed its New Zealand peers last week, as the dovish RBNZ announcement emphasised the growing rate divergence between the two nations. Australian inflation has continued to surprise to the upside, and investors remain convinced that the Reserve Bank of Australia won’t even begin contemplating cuts until 2025.