AUD/USD falls to multi-month low below 0.6500 ahead of US labor market data

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• The AUD/USD fell to its lowest point since November 2022.
• The monthly Consumer Price Index from Australia accelerated in April.
• Investors await labor market data from the US.

The Australian dollar dropped to multi-month lows due to the strong US Dollar and uncertainties surrounding US labor market data and the debt-limit bill facing resistance in Congress. On the other hand, Australian inflation in April picked up somewhat but bond yields are declining adding further pressure on the Australian Dollar.