Investing.com - The Australian dollar rose to one-and-a-half week highs against its U.S. counterpart on Wednesday, after the release of lower than expected consumer price inflation data from Australia, although geopolitical tensions continued to weigh.
AUD/USD hit 0.9438 during late Asian trade, the pair's highest since July 10; the pair subsequently consolidated at 0.9439, gaining 0.48%.
The pair was likely to find support at 0.9361, Tuesday's low and resistance at 0.9456, the high of July 10.
Official data earlier showed that consumer price inflation in Australia rose 0.5% in the second quarter, after an increase of 0.6% in the three months to April. Analysts had expected CPI to rise 0.6% in the last quarter.
On a yearly basis, Australia CPI rose to 3.0% in the last quarter, from 2.9%, compared to expectations for an increase to 3.1%.
But investors remained cautious after the European Union threatened Russia on Tuesday with harsher sanctions over Ukraine, while fighting in the Gaza Strip continued.
The Aussie was higher against the euro, with EUR/AUD sliding 0.48% to 1.4263.