The Australian dollar gained against its American counterpart after recording the lowest in three years. This came after fundamentals showed Australia`s consumer prices index rose more than forecasts in the fourth quarter of last year. The currently seen inflation level is not giving a chance for the Reserve Bank of Australia to cut interest rates to support the economy, especially that policy makers aims at keeping inflation between 2% and 3%. It is expected that Wednesday`s data will be supporting the Australian dollar against major currencies throughout this week. AUD/USD recorded the highest this week at 0.8868, after it was trading around 0.8800 before the released of today`s data, while the pair is currently hovering around 0.8853. As for AUD/JPY, it picked up to record this week`s high at 92.46, after today`s session opened at 91.72.
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