Australian Dollar Retreats from Session Highs, Stays Above Opening

The Australian dollar rose today following the release of better-than-expected inflation data. While the currency has retreated from the session highs as of now, it is still trading above the opening level.

The Consumer Price Index rose 0.7% in the September quarter of this year from the previous three months after increasing 0.4% in the June quarter. The actual increase was above the median forecast of 0.5%. The better-than-expected data reduced chances for the Reserve Bank of Australia to cut interest rates further, and that made the Aussie more appealing for traders.

AUD/USD rose from 0.7645 to 0.7672 as of 11:53 GMT today, touching the high of 0.7708 intraday. AUD/CHF was up from the open of 0.7597 to 0.7612 but retreated from the session high of 0.7662, which was the highest since April 2015.

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