The Australian was little changed today, trading slightly below the opening level but far above the session lows. In fact, the currency barely moved during the past couple of weeks.
Australia’s Consumer Price Index rose 0.7 percent in the second quarter of this year from the previous three months, in line with expectations. Inflation accelerated from the first quarter when it was at 0.2 percent. Yet the positive data did not help the Australian dollar much, perhaps because prices for most raw materials dropped today, putting commodity currencies under pressure.
AUD/USD was at about 0.7407 as of 11:34 GMT today after falling from 0.7418 to the session low of 0.7372 earlier. AUD/JPY traded near 91.65 following the intraday drop from 91.85 to 91.19.
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