The Australian dollar rose to its highest level in two weeks against the U.S. dollar and the yen Wednesday after inflation data dented investors' expectations that Australia's central bank would cut interest rates before 2015.
The Aussie, as the currency is called, climbed 0.7% against the dollar, to $0.9457, while it gained 0.7% versus the yen to ¥95.99, marking the strongest levels against both since July 10.
Consumer prices in the second quarter rose 0.5% from the first and increased 3.0% from a year earlier, the Australian Bureau of Statistics reported Wednesday. Core inflation, which strips out extraordinary events such as the price effects of extreme weather or new taxes, rose 2.8% from a year earlier, putting it close to the top of the central bank's 2% to 3% target.
Recommended Content
Editors’ Picks
EUR/USD flirts with 1.0700 post-US PMIs
EUR/USD maintains its daily gains and climbs to fresh highs near the 1.0700 mark against the backdrop of the resumption of the selling pressure in the Greenback, in the wake of weaker-than-expected flash US PMIs for the month of April.
GBP/USD surpasses 1.2400 on further Dollar selling
Persistent bearish tone in the US Dollar lends support to the broad risk complex and bolsters the recovery in GBP/USD, which manages well to rise to fresh highs north of 1.2400 the figure post-US PMIs.
Gold trims losses on disappointing US PMIs
Gold (XAU/USD) reclaims part of the ground lost and pares initial losses on the back of further weakness in the Greenback following disheartening US PMIs prints.
Here’s why Ondo price hit new ATH amid bearish market outlook Premium
Ondo price shows no signs of slowing down after setting up an all-time high (ATH) at $1.05 on March 31. This development is likely to be followed by a correction and ATH but not necessarily in that order.
Germany’s economic come back
Germany is the sick man of Europe no more. Thanks to its service sector, it now appears that it will exit recession, and the economic future could be bright. The PMI data for April surprised on the upside for Germany, led by the service sector.