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Forex - AUD/USD edges higher after Australian inflation data

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Investing.com -

Investing.com - The Australian dollar edged higher against its U.S. counterpart on Wednesday, after the release of higher than expected Australian inflation data, although gains were expected to remain capped.

AUD/USD hit 0.8833 during late Asian trade, the session high; the pair subsequently consolidated at 0.8790, adding 0.14%.

The pair was likely to find support at 0.8684, the low of October 16 and resistance at 0.8865, the high of October 15.

Official data earlier showed that Australia's consumer price inflation rose 0.5% in the third quarter, more than the expected 0.4% increase, after a 0.5% gain in the three months to June.

Year-on-year, Australia's CPI rose 2.3% in the last quarter, in line with expectations, after an increase of 3.0% in the second quarter.

Meanwhile, the greenback remained supported report by the National Association of Realtors on Tuesday showed that U.S. existing home sales rose to 5.17 million in September, the highest level of the year.

The Aussie was steady against the euro, with EUR/AUD inching up 0.01% to 1.4487.

Later in the day, the U.S. was to produce data on consumer prices.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.


The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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