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Australian Dollar Up as Prices Rise More Than Expected -Breaking

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© Reuters.

Alfred Romann

Investing.com – The US dollar retreated marginally in early morning trade in Asia while the gained some ground after prices rose more than expected.

At 9:40PM ET (01.40 GMT), the index that compares the greenback to other currencies fell 0.03%, reaching 93.92 at 09:40 GMT.

The exchange rate was 0.05% lower at 114.08. After Japan’s slower than expected producer price rises on Tuesday, the weakening of yen has driven the Japanese currency to the JPY114 against the dollar. That level was reached last week for only the second time since 2016.

This pair dropped 0.04%, to 6.3830.

Both the pair rose 0.3% to 0.7524 and fell 0.1% to 0.7161.

Australia saw an unexpectedly rapid rise in its third quarter. It rose 2.1%, against an 1.8% increase. The increase puts the measure within the Reserve Bank of Australia’s (RBA) target of 2-3% for the first time in six years, according to the data from the Australian Bureau of Statistics. After the Sydney data were released in the late morning, the increase drove the currency higher.

Australia’s headline rose 3% in the third quarter of the year, slightly lower than the 3.1% widely expected, Bloomberg reported.

“The strong rise in underlying inflation will keep pressure on the RBA to keep reducing monetary stimulus in the months ahead,” Ben Udy, an economist at Capital Economics told Reuters.

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