Aussie Underperforms Despite Supportive Fundamentals

The Australian dollar dipped against its US counterpart today even as fundamental reports from China and Australia itself were good and should have been supportive for the currency. At the same time, the Aussie was attempting to rally versus the Japanese yen but lost almost all of its gains by now.
Melbourne Institute released its Survey of Consumer Inflationary Expectations today. The report said:

The expected inflation rate (30-per-cent trimmed mean measure), reported in the Melbourne Institute Survey of Consumer Inflationary Expectations, rose by 0.2 percentage points to 4.4 per cent in May from 4.2 per cent in April.

The news from China was also positive for the Australian currency. Yet all the good data was not able to bolster the Aussie.
AUD/USD was down from 0.9250 to 0.9236 as of 11:56 GMT today. AUD/JPY rallied from 93.76 to 94.34 but backed off to 93.81 later.

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