AUD/USD Slips to Six-Week Lows Below 0.6300 After China CPI Miss

AUD/USD has weakened to fresh six-week lows below 0.6300 following China's May CPI print of just 1.2% y/y, missing forecasts and amplifying deflation concerns. The decline accelerated after Australia's Q4 2025 GDP disappointed at 0.3% q/q, a blowout US NFP of 272k reduced Fed cut odds, and China's import growth slowed to 1.8% y/y. Markets now price a 70% chance of an RBA rate cut by August 2026, with BBH highlighting narrowing yield spreads and exposing support at 0.6200 and 0.6100.