Australian Dollar Rises After Australia Q1 CPI Data

The Australian dollar strengthened against the other major currencies in the Asian session on Wednesday, after data showed that the nation's consumer prices rose more than expected on quarter in the first quarter of 2015.

Data from the Australian Bureau of Statistics showed that the consumer prices in Australia were up 0.2 percent on quarter in the first quarter of 2015. That was unchanged from the previous quarter, although it exceeded forecasts for an increase of 0.1 percent.

On a yearly basis, inflation advanced 1.3 percent - in line with forecasts and down from 1.7 percent in the previous three months.

The Australian dollar rose to 2-day highs of 92.99 against the yen and 1.3798 against the euro, from yesterday's closing quotes of 92.24 and 1.3915, respectively.

Against the U.S., the New Zealand and the Canadian dollars, the aussie advanced to 2-day highs of 0.7772, 1.0113 and 0.9535 from yesterday's closing quotes of 0.7709, 1.0045 and 0.9462, respectively.

If the aussie extends its uptrend, it is likely to find resistance around 94.75 against the yen, 1.36 against the euro, 0.79 against the greenback, 1.03 against the kiwi and 0.97 against the loonie.