The aussie rose against several currencies early in today’s Asian trading after the release of better-than-expected Australian consumer price index (CPI) data for the 3rd quarter. On a year-over-year (YoY) basis, the CPI was at 2.2%, which was higher than the expected 1.8%. Meanwhile, it was at 1.2% on a quarter-on-quarter (QoQ) basis, which was also better than the expected 0.8%. RBA trimmed mean CPI was at 0.7% and 2.3% for the QoQ and YoY bases, respectively. Both also went higher than expectations.
With the release of the data, the AUD/USD pair spiked higher and reached 5-month highs at the 0.9750 zone. It is currently trading at 0.9739, with initial resistance seen at 0.9766, followed by 0.9790. Meanwhile, initial support is at 0.9675, followed by 0.9651.
After dropping at the 95.20 zone yesterday, the AUD/JPY pair is back on a bull run that began about two weeks ago. It only fell yesterday in what was seen as a period of short-term correction. But with the positive CPI data, the pair got back up again and is currently trading at 95.46, with initial resistance seen at 96.05, followed by 96.29. Meanwhile, initial support is at 94.94, followed by 94.70.
The AUD/NZD pair had the same story as it rose sharply after the release of the Australian CPI. Another news that could affect the pair are New Zealand’s trade data, including trade balance, imports and exports for September. The pair has already broken past the 1.1480 zone, and is currently trading at 1.1474. Initial resistance for the pair is at 1.1426, followed by 1.1455. Meanwhile, initial support is at 1.1364, followed by 1.1336.
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