Wednesday brought good news for the Australian dollar after the release of an optimistic CPI report. Figures released by the Australian Bureau of Statistics showed that consumer price rose 0.2% in the first quarter; this was in line with expectations due to a similar rise in the three months up until December. The Australian dollar, therefore, jumped almost 1% against the US dollar as the American currency experienced a weak day, due to heightened uncertainty over the timings of a US rate hike.
The New Zealand dollar was also able to capitalize on the weakness in the US dollar. However, the New Zealand currency remained low against its neighbour, thanks to the Australian currency’s boost.
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