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AUDUSD Off 2-Week High Attained During Intraday Moves Post Upbeat Inflation Data

Published on Oct 25, 2023 17:07

The Australian dollar came off a near two week high attained earlier in the day post upbeat Australia inflation data. Consumer prices posted a sequential growth of 1.2 percent, faster than the 0.8 percent increase in the second quarter, the Australian Bureau of Statistics reported Wednesday. On a yearly basis, the consumer price index registered an increase of 5.4 percent following a 6.0 percent rise a quarter ago. AUDUSD is seen trading at 0.6349, down 0.3% on the day after having spiked to an intraday high of 0.6412, its highest level seen in two weeks. Aussie dollar climbed after the higher than expected inflation figures that could add pressure on the RBA to hike interest rates in its upcoming policy meet. Meanwhile, renewed gains in the dollar overseas also weighed on the AUDUSD pair.

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