• AUD/USD has traded a 23 pip range thus far Wednesday; 0.7009-0.7032

• 0.7009 is four pips above Tuesday's two-month low

• U.S. May CPI data due at 1230 GMT; 4.2% YY expected vs 3.8% in April

• Hotter print could spur hawkish shift in Fed expectations, and boost USD

• 0.6979 (April 13 low) is an AUD/USD support point below 0.7000

• Iran targets US bases in Jordan and the Gulf after Trump orders strikes near Hormuz

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(Robert Howard is a Reuters market analyst. The views expressed are his own)