• Australian Dollar is a top performer from the session, favored by hot CPI figures from May.
• Following May's hot CPI figures, the market closely watches further inflation indications for potential RBA action.
• If the RBA holds hawkish, the downside for the Aussie is limited.

Wednesday's session observed an incline in the Australian Dollar (AUD), as it rose to the mark of 0.6690 against the US Dollar, before retracing back to the 0.6650 mark. The recently released Australian inflation data, which came in higher than expected, benefited the Aussie against its peers, but the Greenback itself is also trading with vigor.

In Australia, despite signs of a weaker economy, the stubbornly high inflation acts as a hindrance to the Reserve Bank of Australia's (RBA) potential rate cuts, potentially limiting downside pressure on the Aussie.