• AUD/USD loses some intraday gains as the US Dollar rises strongly.
• Aussie’s hot CPI report for May has prompted RBA rate-hike bets.
• Investors shift focus to the US core PCE Inflation report for May.

The AUD/USD pair surrenders some of its intraday gains after reaching to near 0.6690 in Wednesday’s European session. The Aussie asset struggles to extend the rally inspired by the hotter-than-expected Australian monthly Consumer Price Index (CPI) data for May.

The data showed that price pressures grew at a robust pace of 4.0% from the estimates of 3.8% and the prior release of 3.6%. As per the inflation report, high prices of fuel, food, electricity and rentals were prompted inflationary pressures.

Stubbornly higher Australian inflation data has kept hopes of more rate hikes by the Reserve Bank of Australia (RBA) on table. Currently, the RBA has been maintaining its Official Cash Rate (OCR) at 4.35% from last eight months.