AUD/USD reacts to release of CPI

The Aussie was gaining ground against the US dollar, trading at 1.1066 as of around 9:25 A.M., GMT immediately following today’s release of the Australian Consumer Price Index (CPI) by the Australian Bureau of Statistics.

The Australian currency is up 1.004% on the day and has reached a session high of 1.1080 with a low of 1.0941 so far.

Australia’s second-quarter CPI inflation hit 0.9%, compared to a rise of 1.6% in the previous quarter, sending the Australian dollar to a fresh high vis-a-vis its American counterpart.

The CPI reading exceeded the 0.8% that economists had expected.

The Australian Bureau of Statistics said Wednesday that fruit prices jumped 26.9% while gasoline prices climbed 4%. The CPI rose 3.6% on an annual basis, up from a rise of 3.3% recorded for last quarter’s year on year reading.

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