• Huge 0.6500 option expiry for Thursday's NY cut helps to anchor AUD/USD

• The size of the strike is A$2.5 billion. 0.6488-0.6507 = intra-day range

• 0.6519 was Tuesday top, after Iran-Israel ceasefire (AUD is risk-sensitive)

• Australia May CPI 2.1% YY vs 2.3% forecast. RBA set to cut rates on July 8

• Fed's Powell to deliver more monetary policy testimony from 1400 GMT

• Q3 Fed rate decisions on July 30 and Sept 17 (cut by September fully priced)

AUDUSD

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